For allegedly obtaining N141.6 million from his associate under the guise of exporting wood to China, a businessman, Chekwube Okafor, has been granted N10 million bail by an Igbosere Magistrates’ Court, Lagos.
Chief Magistrate O. A. Botoku on Tuesday gave the ruling after Okafor was arraigned by the police on a three-count charge of conspiracy, stealing and fraud.
The accused pleaded not guilty.
The Chief Magistrate also ordered Okafor to produce two sureties in the like sum, who must also be gainfully employed and show evidence of tax payment.
Earlier, Prosecutor Inspector Steven Molo alleged that Okafor committed the offences between October 2016 and February 2017, at Alaba, in Ojo Local Government Area (LGA) of Lagos.
He said the defendant fraudulently obtained N141.6 million from his business associate, Ifeanyi Okoli, under the guise of exporting 44 20-foot containers of wood to China.
Molo to the court, “The complainant did not receive the containers of wood which the defendant obtained money for; he did not even pay back the said money to the complainant.
“The defendant knew that the representation he made was false.”
According to him, the offences contravened Sections 287, 314 and 411 of the Criminal Law of Lagos State, 2015.
The Chief Magistrate adjourned the case till May 15.