An Igbosere Magistrates’ Court, Lagos Tuesday granted a businessman, Chekwube Okafor, N10 million bail following his arraignment for allegedly obtaining N141.6 million from his partner under the pretext of exporting wood to China.

Chief Magistrate O. A. Botoku gave the ruling after Okafor was arraigned by the police on a three-count charge of conspiracy, stealing and fraud.

He pleaded not guilty.

Magistrate Botoku also ordered Okafor to produce two sureties in the like sum, who must also be gainfully employed and show evidence of tax payment.


She adjourned till May 15.

Earlier, Prosecutor Inspector Steven Molo alleged that Okafor committed the offences between October 2016 and February 2017, at Alaba, in Ojo Local Government Area (LGA) of Lagos.

He said the defendant fraudulently obtained N141.6 million from his business associate, Ifeanyi Okoli, under guise of exporting 44 20-foot containers of wood to China.

“The complainant did not receive the containers of wood which the defendant obtained money for; he did not even pay back the said money to the complainant.

“The defendant knew that the representation he made was false,” Molo told Chief Magistrate Botoku.

According to him, the offences contravened Sections 287, 314 and 411 of the Criminal Law of Lagos State, 2015.

http://www.akelicious.net/2018/04/man-gets-n10m-bail-for-n141m-china.html