Police Arraign Businessman For Alleged N1.8bn Fraud

Police operatives in Lagos have arraigned a businessman, Oluwafemi Michael before the Federal High Court sitting in Lagos over his alleged involvement in an N1.8b fraud.

Michael was arraigned before Justice Peter Lifu on a nine-count charge of conspiracy, fraud and obtaining money by false pretence filed against him by the Police.

The prosecuting police officer, Chukwu Agwu, told the court that the defendant committed the alleged offences between January 2020 and May 2022 in Lagos State.

Agwu claimed that the Defendant, through his Guaranty Trust Bank Plc account number: 0164536253, Zenith Bank Plc Account Number: 2179082711, First Bank Of Nigeria Plc account numbers: 3062256110 and 2042628891 fraudulently obtained from one Danyan Amankop Udoh ‘F’ various sum of money under the guise that he will use or invest same in Interest Yielding Businesses, which he knowingly or reasonably ought to know that such fund is, or forms part of the proceeds of an unlawful act.

He further stated that the offences are contrary to Section 18 (2) (b) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibitions) Act, 2022.

When the charge was read to the defendant, he pleaded not guilty.

Following his plea, the defence counsel, John Atawodi, apologised for not filing a written application for bail but urged the court to allow him to move his oral application.

But, the prosecutor, Agwu, opposed the application, arguing that Defendant has placed nothing before the court to persuade it to entertain an oral bail application.

However, in his ruling, Justice Peter Lifu held that the court has inherent jurisdiction to adjudicate criminal matters.

Justice Lifu further held that bail is a constitutional right guaranteed under Section 36 of the 1999 constitution.

Consequently, the court granted the defendant bail of N100m with two sureties in like sum.

The judge held that the sureties must swear to affidavits of means and attach photographs of themselves and that of the defendant.

The court held, “I have considered that the Defendant has been in custody for more than 40 days without trial for a bailable offence. I have decided to consider the defendant’s liberty at this pre-trial stage.

“In that wise, I have advised myself by the principle of precedence and legal authorities. I hereby admit the defendant to bail in the following terms and conditions:

“N100 million and two sureties in the like sum. The two sureties must swear affidavit of means and attach photographs of themselves and that of the defendant.”