A Lagos businessman and his company have been arraigned at the Federal High Court in Lagos over an alleged N130 million investment fraud case.
Ifeanyichukwu Onuegbu, a businessman, was charged with fraud involving N130 million at the Federal High Court in Lagos on Wednesday.
Justice Yellin Bogoro is trying Onuegbu and his company, Southeast Edibles and Spices Ltd.
The Police Special Fraud Unit brought the defendants before the court on four counts that included conversion, fraudulent diversion, acquiring money under false pretenses, and conspiracy.
Onuegbu, who also represented the corporation, entered a not guilty plea when the allegations were read.
M.Y. Bello, the prosecution’s attorney, informed the court that the defendant allegedly plotted to commit the crimes on August 28, 2024, with other people who are still at large.
He claimed that under the pretense of an investment plan promising large profits, the accused took N130 million from the complainant, Cletus Chukwu, via the company’s account.
The prosecutor claimed that the representation was untrue because the defendant and his friends allegedly used the money for personal purposes.
He claimed that the offenses violate the Advanced Fee Fraud and Other Fraud Related Offenses Act, 2006’s Sections 1(3)(a), 8(a), 18(2)(b), and 18(3).
After defense attorney M.C. Ike requested bail, the judge postponed the case to May 7 in order to make a decision.
Following that, Justice Bogoro issued an order remanding the defendant to a detention facility while the bail application was being decided.