Man Jailed 3 Years For N36m Loan Default


An Igbosere magistrate’s court has sentenced Ezekiel Ajayi, 53 and Florence Aliu, 54, to three years imprisonment each for fraudulently obtaining N36 million from Spring Bank Plc under false pretence and converting same to personal use.

The accused were sentenced by the magistrate, B. A. Sonuga, without an option of fine after they pleaded guilty to two of the five-count charge of stealing, while the other three charges were struck out for lack of merit.

The charges were read to them in the open court.

Operatives at the Special Fraud Unit, Milverton Street, Ikoyi, Lagos Island, stated that Ezekiel and Florence sometime in August, 2008 at Spring Bank Plc, on Engineering Close, Victoria Island, with intent to defraud, conspired with two others (now at large) to obtain a N36 million facility under false pretence of using the money to procure petroleum products to sell and refund same to the bank.

But they failed to refund the money, instead, the money was converted to personal use by the convicts.

When they were asked by the police why they refused to refund the money to the bank, they duo gave frivolous reasons.

While Ezekiel said a herbalist he approached to make him rich collected part of the money, Florence claimed that the products have not been lifted from the depot since then.

The offences, according to the prosecutor, Sergeant Joseph Jimoh, are punishable under Sections 419, 390(8) B and (9), 516 and 125 A(A).

After the prosecutor presented the facts of the matter before the court, the presiding magistrate, MR. B. A. Sonuga, found them guilty on two count charges of stealing and conversion and struck out three other charges for lack of merit.

He, accordingly sentenced them to three years imprisonment each without an option of fine.

—Paul Iyoghojie

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