Business man arraigned over N335m fraud

–Businessman dubiously obtains loan from Union Bank

Lagos businessman, Henry Ekuase, has been arraigned before an lkeja Magistrate’s Court, Lagos State, for allegedly engaging in fraud.

The police disclosed that 47-year-old Ekuase, dubiously collected the sum of N335m from a Union Bank branch at Marina Stallion Plaza on the Lagos Island.

Naija News gathered that Ekuase had obtained the fund as a loan from the bank to carry out a beverage business.

The suspect was on Monday charged y on three counts bordering on false pretences and fraud.

Inspector N. Peter, the police prosecutor said Ekuase perpetrated the crime in November 2016.

He added that the offences contravened and are punishable under sections 285, 314(1)(a)(b)(2) and 322(3) of the Criminal Law of Lagos State of Nigeria, 2015.

The charges read in part, “That you, Henry Ekuase, sometime in 2016, at No. 36, Marina Stallion Plaza, Lagos Island, in the Lagos Magisterial District, with intent to defraud, did obtain N335,363,146.76 from Union Bank Nigeria Plc. with pretence of trading in Nestle products, thereby committing an offence punishable under Section 314(1)(a)(b)(2) of the Criminal Law of Lagos State of Nigeria, 2015.

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“That you, on the same date, time and place, in the aforementioned magisterial district, did issue Unity Bank Cheque number 002082091, dated May 31, 2016, for N900,000.00; cheque number 002082090, dated June 24, 2016, for ₦2,500,000.00, and cheque number 00208209, dated July 26, 2016, for ₦5,000,000.00; money that you fraudulently obtained from the bank and which was returned unpaid due to insufficient fund standing in the account, thereby committing an offence punishable under Section 322(3) of the Criminal Law of Lagos State of Nigeria, 2015.”

However, upon hearing the charges levelled against him, the accused pleaded not guilty.

Presiding over the case, Magistrate Y.O. Aje-Afunwa, granted the defendant bail in the sum of N50m with two sureties in like sum.

She noted that  one of the sureties must be a resident within the jurisdiction of the court, adding that both sureties should provide evidence of tax payment to the Lagos State Government.

The case was adjourned till December 6, 2017, for mention.