A 48-year-old man, Ejiro Ayoro was on Wednesday arraigned before an Ogudu Magistrates’ Court, Lagos, for an alleged N1 million frauds.
Ayoro, who resides at Peace Estate, Barma, Ipaja, Lagos, is facing a two-count charge of fraud and stealing.
The Police Prosecutor, Insp Sunday Bassey, told the court that the defendant committed the offences in July 2021, at Egbeda area of Lagos.
Bassey said the defendant collected the sum of N1,030,000 million from the complainant, Mrs Adejoke Orelaja, under the pretext of linking her up with genuine forex business.
He said the defendant collected the money through his First Bank account and assured Orelaja that her money would yield interest within three months.
“He failed to fulfill the reason for collecting the money. He converted the money to his personal use. He has been on the run since last year,” he said.
He said the offences contravened Sections 314 and 287 of the Criminal Law of Lagos, 2015.
Our correspondent reports that Section 287 prescribes three-year jail term for offenders.
The defendant pleaded not guilty to the charges.
The Chief Magistrate, Mrs O.A Daodu, granted the defendant bail in the sum of N250,000 with two sureties in like sum.
Daodu said the sureties must reside within the court’s jurisdiction with evidence of tax payment to the Lagos State government.
She adjourned the case untill Nov. 4 for mention.