Bank sues MD Over Unpaid N9.5 million Loan
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The management of LINK Credit Services and Investment Limited located on Victoria Island, Lagos South West Nigeria has dragged the Managing Director of Treasure Contract Limited, Lagos, Oluwatayo Oluwatade, 33, before a Lagos Magistrate Court for allegedly failing to pay back within ten days as agreed the credit facility of N9, 525, 000 he secured from the money lending firm.
Paul Iyoghojie
The management of LINK Credit Services and Investment Limited located on Victoria Island, Lagos South West Nigeria has dragged the Managing Director of Treasure Contract Limited, Lagos, Oluwatayo Oluwatade, 33, before a Lagos Magistrate Court for allegedly failing to pay back within ten days as agreed the credit facility of N9, 525, 000 he secured from the money lending firm.
Oluwatade’s arrest was ordered by the Assistant Inspector General, AIG in charge of Zone 2 Command, Onikan, Lagos, Adamu Ibrahim following a petition by the management of Link Credit Services Investment Limited.
After investigation by the police, Oluwatade, a resident of Adelabu Area of Surulere, Lagos was arraigned before an Igbosere Magistrate Court, Lagos on a 3-count charge of felony to wit. obtaining money under false pretence, stealing and issuance of dud cheque.
Police prosecutor, DSP Eshiet Eshiet informed the court in charge No. U/48/2017 that the accused committed the alleged offence between August 2015 and November 2016 at Links Credit Services and Investment Limited, Lagos.
Eshiet told the court that the accused applied for a credit facility of N9, 525, 000 from the complainant with a promise to pay back the loan within ten days, but that the accused after collecting the credit facility failed to pay back as promised and instead he issued a diamond bank cheque with No. 69345928 for the sum of N9, 500, 000 to the complainant for the payment of the loan.
He said that when the complainant presented the cheque at the bank for payment, it was dishonoured due to lack of funds in the account.
Eshiet said that the offence the accused committed was punishable under sections 314 (1) (A) Bracket (B), 287 and 321 (B) of the Criminal Laws of Lagos State, 2015.
The accused pleaded not guilty to the alleged crime in the open court and Magistrate J. Ugbomoiko admitted him on bail in the sum of N1 million with one surety in like sum.
Ugbomoiko adjourned the case till 6 September, 2017 for mention.
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