The Sales Manager of Magnum Merchandise Limited located at Aspanda Market, Trade Fair Complex, Ojo, Lagos, Ifeanyi Ogbugo, has been dragged before the Tinubu Magistrates’ court for allegedly defrauding his employer, Magnum Ibe, of N35 million.

The Zone 2 Command of the Nigeria Police Force in Onikan, Lagos Island, which arrested the 46-year-old, alleged that the defendant as a sales manager sold all the goods in his employer’s shop and converted the proceeds to personal use instead of remitting the money into his employer’s account.

Inspector Jaspa Oparaji and his team, Ogbugo after completion of investigation, charged the suspect on a two-count charge bordering on conspiracy and stealing.

According to a police prosecuting counsel, ASP Francis Igbinosa, the defendant who committed the crime on 23 August 2023, betrayed the trust reposed in him by his employer as a sales manager.

The prosecuting counsel stated that the defendant sold his goods valued at N35 million entrusted in his care and allegedly converted the proceeds to his use instead of remitting the money into his employer’s account.

Mr Igbinosa said the offences committed were punishable under Sections 411 and 280 (1) (b) of the Criminal Law of Lagos State 2015.

However, the defendant pleaded not guilty and Magistrate, B. A. Sonuga granted him N2 million bail with two sureties in like sum.

The presiding magistrate therefore adjourned the case until 28 February 2024 for mention and ordered that the defendant be detained at the Ikoyi Correctional Facility till he perfected the bail conditions.