Businessman Faces Criminal Charges

Economic and Financial Crime Commission, EFCC, has arraigned a Lagos businessman, Jonathan Udeagbala, and his company, Lynq Communications before a Lagos high court, southwest Nigeria, for allegedly defrauding another Lagos businessman, Leonard Okafor, to the tune of N106,250,000, .

In a four-count criminal charge filed before the court by the anti-graft agency, the accused businessman, Jonathan Udeagbala and his company Lynq Communications Limited between September, 2009 and September, 2010 with intention to defraud, fraudulently converted to their use the sum of N106,250,000.

It was further alleged that the accused businessman and his company with intention to defraud, advised two Lagos businessmen, Leornad Okafor of Victory Electronics Company and Francis Nwadimobi trading under the name, Fakwe Investment Limited, to confer a benefit of investment sum of N106,205,000 in his company, Lyng Communications Limited, on the understanding that Leonard Okafor and Francis Nwadinobi would be paid as agreed but failed to honour the agreement.

In count-three and four of the criminal charge, the accused businessman and his company between 7 November and 14 November, 2010 allegedly issued two Oceanic Bank cheques totalling N20 million payable to Victory Electronics from Lynq Communications account domiciled at Oceanic Bank Plc and the cheques were dishonoured and returned unpaid when they were  presented for payment.

The offences of stealing and issuing dud cheques, alleged to have been committed by the accused and his company are contrary to section 390 of the criminal code cap 17 volume 2 laws of Lagos State of Nigeria and section 10 of the Dishonoured Cheques Offences Act cap D11 laws of the Federation of Nigeria, 2004.

The accused pleaded not guilty for himself and on behalf of his company and consequently his counsel, Chuka Agu, urged the court to admit him to bail in liberal terms since the accused is presume innocent until prove guilty moreso as the offence are bailable offences.

The EFCC prosecuting counsel, Rotimi Oyedepo and Barrister Adaku Mbama, watching brief for the complainant vehemently opposed the application for bail on the ground that the accused failed to report at EFCC office when he was asked to do so, and therefore urged the court to order accelerated hearing.

The presiding judge, Justice Deborah Oluwayemi (Mrs.), while adjourning till 13 August 2012 to rule on the application for bail, ordered that the accused be remanded in Ikoyi Prison.