Three women in Ondo, who allegedly defaulted in payment of a N712,800 loan, were arraigned before an Okitipupa Chief Magistrate’s Court on Thursday.

The three women, Funmilayo Oke, a farmer, 30, Morayo Coker, a trader, 50, and Ajoke Tobi, a trader, 40, face a three-count charge bordering on felony and advance fee fraud.

The police prosecutor, ASP Zedekiah Orogbemi, told the court that on June 25, 2023, at 10:30 a.m. at BC Cooperative Finance and Investment in Okitipupa, the defendants conspired to commit a felony.

Mr Orogbemi said the defendants each obtained loans (N253,800, N205,200 and N253,800, respectively), totalling N712,800, from the financial institution but allegedly failed to pay back.

The prosecutor said that the defendants allegedly gave fake addresses when applying for the loans received from one Taiwo Agboola, Head of the financial institution’s cooperative society.

He said the defendants later converted the monies to their personal use.

Mr Orogbemi said the offences committed contravened and were punishable under sections 516 and 419 (1b) of the Criminal Code, Cap.37, Vol. 1, Laws of Ondo State, 2006.

The defendants pleaded not guilty to the charges levelled against them.

Chief magistrate Cletus Ojuola granted the defendants N80,000 bail each and a surety each in like sum.

He added that the sureties must reside within the court’s jurisdiction and show and present evidence of two years of tax payment to the state government.

Mr Ojuola adjourned the case until February 12 for further hearing.

(NAN)