Land Speculator Charged With N5m Fraud

Operatives at the Special Fraud Unit at Milverton Road, Ikoyi, Lagos, southwest Nigeria have arrested and arraigned a suspected land speculator, Prince Segun Ogunkoya, 56, before the Igbosere Magistrates’ Court on a four-count charge of obtaining money under false pretence.

The police revealed in charge No. 1/12/2012 that the accused in April 2011 deceived and collected N5m from a complainant, Engineer Kehinde Alusi of Next Dimension Properties Limited, by claiming to own a property at Simaya area of Shagamu in Ogun State. Efforts to make him pay back the money proved abortive, the police claimed further.

He was also alleged to have on 15 December, 2011 with intent to defraud issued Oceanic Bank cheque No. 37141591 to Next Dimension Properties Limited for N5m, but when presented, it was dishonoured due to lack of funds in the account.

The third-count accused him of stealing. The offences, according to the prosecutor , SP Emerho Frank contravened sections 516, 419, 390 (9) of the Criminal Code, Cap. 32, Laws of Lagos State and punishable under the Dishonoured Cheque Act, Laws of the Federation.

The accused pleaded not guilty to the charge and the presiding magistrate, Mrs. O.A Oguntade admitted him on bail in the sum of N500,000 with two sureties in like sum. The sureties, she directed, must show proof of tax payment to the Lagos State government.

She adjourned the matter till 6 June, 2012 for mentioning.

The accused was moved to the Ikoyi Prisons when he could not perfect the bail conditions before the court closed for the day.

—Paul Iyoghojie