A businessman, Ifeanyichukwu Onuegbu, on Wednesday appeared before a Federal High Court in Lagos for allegedly obtaining the sum of N130 million from a complainant under false pretences.

Onuegbu is standing trial before Justice Yellin Bogoro alongside his company, Southeast Edibles and Spices Ltd.

The defendants were charged by the Police Special Fraud Unit (SFU) on a four-count charge of conspiracy, obtaining money under false pretences, fraudulent diversion and conversion.

Onuegbu, who also represented his company, pleaded not guilty to the charges.

The prosecutor, M.Y Bello, alleged that the Onuegbu conspired with others now at large, to commit the offences on August 28, 2024.

He alleged that Onuegbu obtained the sum of N130 million from the complainant, Cletus Chukwu, through his company’s account, on the pretex of investing the money, promising mouth-watering returns.

The prosecutor alleged that the representation was false as the defendant and his cohorts converted the money to their personal uses.

He said that the offences contravened Sections 1(3)(a), 8(a), 18(2)(b), and 18(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006.

Following application for bail by the defence counsel, Mr M. C. Ike, the judge adjourned the case until May 7, for ruling.

She ordered a remand of the defendant at the correctional centre pending bail. 

(NAN)