Man arraigned for allegedly defrauding microfinance bank of N2.1 million
The police on Wednesday arraigned one Nnanna Nnaji, 40, before an Ado-Ekiti Chief Magistrates’ Court over alleged N2.1 million fraud and conversion of fund.
The defendant, of no fixed address, however, pleaded not guilty to the two-count charge of fraud and conversion of fund preferred against him.
The prosecutor, Inspector Sodiq Adeniyi, told the court that the defendant committed the offences on March 13, 2024, in Ado-Ekiti.
He alleged that the defendant obtained the sum of N2.1 million from a microfinance bank on the pretext of getting a loan facility with a promise to pay back.
Mr Adeniyi added that the defendant fraudulently converted the said money to his own personal use.
The prosecutor explained that the defendant went to a bank to obtain a loan and the bank official granted the loan.
He said that the defendant absconded and could not be traced to return the loan, but was later found and arrested.
Mr Adeniyi said that the offences contravened Sections 295, 330(1) b and 302(1) of the Criminal Law of Ekiti State, 2021.
The prosecutor asked the court for an adjournment to enable him to study the case file and assemble his witnesses.
Counsel to the defendant, Sunday Njoku, urged the court to grant the defendant bail, with a promise that he would not jump bail.
The Chief Magistrate, Dolamu Babalogbon, granted the defendant bail in the sum of N200,000 with two sureties in like sum.
Ms Babalogbon said that one of the sureties must be a civil servant not below Grade level 12 while the second must provide evidence of tax payment for three consecutive years to the Ogun State government
She adjourned the case till April 10 for hearing.
(NAN)
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