An Igbosere Magistrates’ Court in Lagos on Wednesday slammed a N10 million bail on a 48-year-old businessman, Muyiwa Shoyomi, over
alleged fraud of N103.8 million.
Shoyomi had pleaded not guilty to a three-count charge of conspiracy, fraud and issuance of dud cheque.
The Magistrate, Mr A. A. Adefulire, who gave the ruling, directed that the accused should produce two sureties who must be gainfully employed.
Adefulire said one of the sureties must be a civil servant of not less than Grade Level 12 and must have at least N2 million in his account.
In addition, the civil servant must present a letter from the State Head of Service while the sureties must show evidence of tax payment to the
Lagos State Government.
Police Prosecutor Friday Mameh had told the court that the accused and a man, Joseph Jegede, still at large, committed the offences sometime in April 2016
in Apapa, Lagos.
Mameh said the accused conspired with his accomplice to steal 141,500 dollars ( about N103.8 million) from the complainant, Funke Adedeji.
“The accused brought a business proposal to the complainant and asked her to provide the capital with a promise to remit the dividends of the business
into her account.
“The accused collected N103.8 million from the complainant, after doing the business, he refused to remit money into the complainant’s account but
converted it to personal use,” he said.
The accused, who was apprehended, issued three cheques which were dishonoured on presentation in the bank due to insufficient funds.
The offences contravened Sections 287, 315 and 411 of the Criminal Law of Lagos State, 2015.
Conspiracy to defraud carries a penalty of seven years imprisonment, according to the Criminal Law.
The case was adjourned until May 15 for mention.
