Lagos businessman in hot water over N24.7m fraud allegation

By Akin Kuponiyi

A Federal High Court sitting in Lagos has adjourned till March 3, 2025, for the commencement of the trial of Lagos businessman Peter Olasubomi Olowe and his company, Max Vision Global Concept Limited, on charges of obtaining money by false pretences and issuing dud cheques.

In a four-count charge filed by the Legal/Prosecution Section of the Nigeria Police Special Fraud Unit, Milverton, Ikoyi, Lagos, Olowe and his company are accused of conspiring to commit fraud in 2018.

The prosecution alleged that Olowe, operating under the name Max Vision Global Concept Limited, fraudulently obtained N24,783,109.00 from Seedland Agro-Allied Ltd, represented by Johnson Olayiwola Muyiwa, under the pretext of supplying raw cashew nuts and seeds—an agreement they allegedly never intended to fulfil.

Further, the defendants reportedly issued two cheques totalling N20 million to Seedland Agro-Allied Ltd.

However, when presented for payment, the cheques were dishonoured due to insufficient funds.

The charges against Peter Olasubomi Olowe and Max Vision Global Concept Limited include conspiracy to commit a felony, obtaining money by false pretences, and issuing dud cheques—offences contrary to Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, No. 14 of 2006, and punishable under Section 1(3) of the same Act.

The trial is set to begin on March 3, 2025.