A 43-year-old businessman, Babatunde Bello, on Tuesday, appeared before an Ogudu Magistrates’ Court, Lagos, for allegedly defrauding his friend of about N1.5 million.
Bello, who resides in Mile 12 area of Lagos, is standing trial on a two-count charge of obtaining money under false pretences and stealing.
The defendant pleaded not guilty to the charge.
The prosecutor, Insp. Sunday Bassey, told the court that the defendant committed the offences sometime in November 2020 at Jakande Market, Ketu, Lagos.
Bassey said the defendant fraudulently obtained N1, 560, 000 from his friend, Sefiu Iyanda, under false pretence of trading with it in block industry business, which he failed to do.
“He promised to remit the capital back to Mr Iyanda within an interval of six months but has not kept to his own side of the deal,” he said.
Bassey said the defendant was arrested when the complainant reported the case to the police.
The prosecution said the offences contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015.
The 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 pretences.
The trial judge, Magistrate, O.A Daisy, granted the defendant bail in the sum of N200, 000 with two sureties in like sum.
Daodu ordered that the sureties should be gainfully employed and one of them must be related by blood.
She added that the sureties should show evidence of two years’ tax payment to the Lagos State government.
Daodu adjourned the case till March 21 for mention.