MD Faces Trial Over N29m Theft

The Managing Director of Fintrack Asset Management Company, Limited in Lagos, southwest  Nigeria,  Mr. Abiodun Simeon Jegede, 39, has been arrested by operatives at Special Fraud Unit, SFU, Milverton Street, Ikoyi, Lagos, for allegedly obtaining the sum of N29 million from Mrs. Uloma Peace Chikelue pretending to help her to invest the money in his company to yield interest, a claim he knew to be false.

He was arraigned before a Tinubu Magistrate’s court  on a four-count charge of felony to wit, stealing.

The police prosecutor, Supol Olakanmi Omisore, told the court that the accused was arrested following a written complaint by Mrs. Chikelue that the accused in May 2012 deceived her and collected the sum of N29 million from her while pretending to help her to invest the money in his company to yield interest for her, and thereafter, return the capital.

According to police investigation, he failed to fulfil the agreement and also refused to refund the money till date.

She further stated that all her efforts to collect the money  from him proved abortive before she reported the matter to the police. The police further stated that the accused issued the complainant three United Bank for Africa Plc cheques valued at N29 million, but when they were presented, they were dishonoured due to lack of fund in the account.

The offences, the prosecutor said, contravened sections 409,312(3),319(b) and 278 of the criminal laws of Lagos State of Nigeria 2011.

The accused pleaded not guilty to the charges and the presiding  Chief Magistrate, Mrs. O.O. Oshin admitted him on bail in the sum of N500,000 with two sureties each in like sum who must provide evidence of tax payment to the Lagos State government.

She also directed that one of the sureties must be on level 12 in the civil service.

She adjourned the matter till 5 March, 2013 for mention.

The defendant was, however, moved to Ikoyi Prison pending when he would perfect the bail  conditions.

—Paul Iyoghojie