The police have arraigned a middle-aged Omonefe Orida before a Lagos State Chief Magistrate Court for allegedly defrauding Baobab Microfinance Bank Nigeria Limited of N206 million.
Orida was docked before Magistrate Ayo Erinle by the men of the Police Special Fraud Unit (PSFU) Lagos on a four-count charge of conspiracy and fraud.
The police prosecutor, Henry Obiaze informed the court that the defendant committed the alleged offences between November 2020 and July 2021.
Obiaze also claimed that the defendant and others now at large conspired among themselves and used different companies to fraudulently obtain the sum of N206 million from Baobab Microfinance Bank Nigeria Limited, under the false pretence that the money will bring multiple returns on investment.
He further told the court that the offences violated sections 411 and 314(3) of the Criminal Laws of Lagos State 2015, and were punishable under the same Laws.
The defendant, however, pleaded not guilty to the charge.
Following the plea of the defendant, Obiaze asked the court to fix a trial date and also to remand the defendant in the custody of the Nigerian Correctional Services (NCoS) till the determination of the charge.
However, after the defence counsel moved an oral bail application, Magistrate Erinle granted the defendant bail for N5 million naira with two surety in like sum.
Magistrate Erinle also ordered that one of the sureties must be a traditional ruler whose name must be in the Lagos State government Gazette and the other must be a property owner within Lagos State.
The court then adjourned the matter to August 4 for further hearing and also ordered that the defendant be remanded in prison until he perfects the bail terms.
