— Court Grants Accused Bail To The Tune of N5 million
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The Police Special Fraud Unit (PSFU) Ikoyi, Lagos Tuesday brought a lawyer, Ismaila Ahmed Olokun, before a Federal High Court in Lagos for an alleged $250,000 fraud.
It arraigned Olokun before Justice Muslim Hassan on a five-count charge of fraud, issuance of dud cheques and fraudulent conversation of $250,000 (equivalent to N88, 912,932).
The Police, through its counsel Mr Henry Obiaze, alleged that the defendant committed the offences in May 2019, at Ikoyi and Victoria Island.
The prosecution claimed that Olokun “did by false pretence and with intent to defraud” obtain the money from Edward and Jones Contracting Services Ltd, under the guise of rendering a service to the firm.
But he allegedly failed to hold up his end of the bargain.
It was further claimed that to cover up the fraud, the defendant issued several Zenith Bank Plc cheques, which were returned for lack of funds.
The cheques, of June 15 and 30, 2019 were numbered 05390978 with monetary value of N88, 912, 932.06; cheque No. 05390976, for the sum of N26,850 million and 05390980, for the sum of N4, 475 million.
According to Obiaze, the offences contravened sections 1(1} (a) (b) and were punishable under section 1(3) of the Advance Fee Fraud and other Fraud Related Offences Act, 2006;
They also infringed Section 383(1) and were punishable under Section 390(8) (b) of the Criminal Code Act, 2004 and Section 1(1) (a) (bi) of the Dishonoured (Cheques) offences Act, 2004.
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Olokun pleaded not guilty.
His counsel, Mr. Yakubu Galadima, did not oppose Obiaze’s application for a trial date.
Getting the judge’s nod, Galadima moved the defendant’s bail application.
In a bench ruling, Justice Hassan admitted Olokun to bail in the sum of N5million with one surety in the like sum.
The surety must be a Civil Servant of not less than Grade Level 14, or a landed property owner within the court’s jurisdiction.
The Judge released Olokun to Galadima’s custody, pending the perfection of the bail terms, and adjourned till May 13, for trial.
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