Lagos company boss docked for alleged $680,622.65 fraud

By Ayorinde Oluokun/Abuja

A business executive has been arraigned before Justice Mojisola Dada of the Lagos State High Court on a two-count charge bordering on stealing and obtaining property by false pretence to the tune of $680,622.65.

The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) brought the charges in connection with allegations that the defendant, sometime between 2013 and 2014, dishonestly converted for personal use construction materials valued at $680,622.65 belonging to a German company.

According to the EFCC, the alleged act contravenes Section 1(1), (2) and (3) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.

The defendant pleaded “not guilty” when the charges were read, prompting the prosecution to request a trial date and seek his remand.

Defence counsel informed the court of a pending bail application, noting that the accused had honoured earlier administrative bail granted by the EFCC.

Justice Dada ruled that the defendant should continue to enjoy the EFCC’s administrative bail, but must deposit his passport and documents for two landed properties with the court registry.

The case was adjourned to June 3 and 19, 2025, for trial.