A 34-year-old businessman, Alaba Agbasi, who allegedly defrauded his business associates of M28.8 million, on Friday appeared in a Magistrate Court in Igbosere, Lagos.
The police charged Agbasi, whose residential address was not given, with two counts of fraud and theft.
The Prosecution Counsel, Cyriacus Osuji, told the court the defendant committed the offense between January 22 and March 25, 2020, in Lagos, alleging that the defendant obtained N15.1 million from Akeem Oyedele, N7.5 million from Nkechi Adekola, and N6.2 million from Olayemi Olanrewaju as an investment in a business.
He further alleged that the defendant did not do the business he obtained the money for and did not refund the money to the complainants, stressing that the offense contravened the provisions of sections 287 and 314 of the Criminal Law of Lagos State, 2015.
The defendant pleaded not guilty to the charge.
Counsel to the defendant, A.O. Adebayo, prayed the court to grant the defendant bail in the most liberal terms.
Magistrate M.O. Erinle admitted the defendant to bail in the sum of N3 million with two sureties in like sum.
She ordered that the sureties must be gainfully employed and must show evidence of tax payments to the Lagos State Government.
Erimle adjourned the case until Sept. 17 for mention.