Loan Default: Man, 40, Charged With N90m Fraud

An estate developer, Apostle Olufemi Adeniji Martins, 40,  who obtained N85 million loan from a finance house in 2007 but refused to pay back, has been arraigned before an Igbosere Magistrate’s Court in Lagos, southwest Nigeria.

He was charged with intent to defraud the finance house of N85 million.

The police alleged that the accused in 2007, with intent to defraud, obtained N85million loan from Refuge Home Savings and Loans Ltd to build a shopping complex with a promise to refund the loan from the proceeds of the rents when the complex was completed, a representation he knew to be false.

The police prosecutor alleged further that in 2010, he collected money from several unsuspecting tenants who approached him for space in the proposed shopping complex but failed to allocate shops to them and converted the money to his personal use.

He was also accused of assaulting and injuring the facility manager of the finance house, Mr. Onalaja Bamidele, when he asked him to pay the loan in July 2010.

The assault was reported to the police and the accused was arrested and arraigned before the Igbosere Magistrate’s Court on a seven-count charge of fraud.

The offences, according to the prosecutor, SP Asuquo Effiong, are punishable under Sections 419, 390(8) (D), 355 and 45 of the Criminal Code, Cap.32, Vol. II, Laws of Lagos State of Nigeria.

Martins pleaded not guilty to the charges and the presiding magistrate granted him bail in the sum of N2 million with two sureties in like sum.

The magistrate also directed that one of the sureties must be on salary Grade Level 10 in the civil service with sworn affidavit of means of livelihood. “The second surety must be working in a reputable organisation and not self-employed,” he added.

The case was adjourned while the defendant was remanded at the Ikoyi Prisons when he could not meet the  conditions for his bail.