Businessman arraigned for allegedly defrauding microfinance bank of N2m |
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Businessman arraigned for allegedly defrauding microfinance bank of N2m

A 44-year-old businessman, Emmanuel Ekweanua, was docked on Monday in an Ogudu Magistrates’ Court, Lagos, for allegedly defrauding a microfinance bank of N2m.

police charged Ekweanua, who resides in the Ikeja area of Lagos, with obtaining money under false pretense, stealing, and issuing a dud cheque.

defendant pleaded not guilty to the charge.

Prosecution Counsel, Insp Sunday Bassey, told the court that the defendant committed the offence sometime on Aug.19, 2021, at Jesse Field Microfinance Bank, Ketu, Lagos.

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Bassey alleged that defendant fraudulently obtained N2m from the bank for a business scheme with a promise to pay back Feb. 2 but reneged on his promise

police alleged that the defendant issued bank cheques worth N900, 000 and N360, 000,, which were dishonoured due to insufficient funds.

Bassey told court that police subsequently arrested the defendant following complaint lodged by a bank staff member,  Anthony Ehichioya.

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prosecutor said the offence contravened the provisions of sections 287, 314 and 321 of the Criminal Law of Lagos State, 2015.

News Agency of Nigeria reports that Section 287 stipulates three years imprisonment for stealing, while Section 314 attracts 15 years for obtaining money under false pretenses for any convicted offender

Magistrate O.A. Daodu admitted defendant to bail in the sum of N400,000 with two sureties in like sum.

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Daodu ordered that sureties should be gainfully employed with one of them being a blood relative.

She further ruled that the sureties should show evidence of two years tax payments to the Lagos State Government as part of the bail conditions..

She adjourned the case until July 5 for mention.


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