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Court acquits businessman of fraud charges

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The Federal High Court, Lagos, has discharged and acquitted a Lagos-based businessman, Dr Taiwo Malumi of allegation of fraudulent business transactions.

The police filed the charge against him under the Advance Fee Fraud Act.

The transaction involved a property valued at N170 million on B9, Ruxton Road, Ikoyi which Malumi said he got the authority of the then Federal Ministry of Works and Urban Development to develop and dispose off, while one Nick Shaiyen, Managing Director, Whitehall Ltd expressed interest in acquiring the same facility.

Shaiyen made an initial payment of N40 million before the transaction broke down and became a matter for litigation.
Following a complaint by Shaiyen, alleging that Malumi defrauded him of N40 million in the course of the transaction, the police in November 2016 instituted a case of Advance Fees Fraud against Malumi at the Federal High Court.

While the trial was on, the parties with the full knowledge of the prosecutor sought the permission of the judge for out of court settlement, which was granted.

Notwithstanding the agreement reached by parties in the matter, the police insisted on continuing with the trial.
The defendant through his counsel, Ayodele Salami, however objected to this and prayed the court to dismiss it.

The defendant said from all the evidences brought before the court by the prosecutor, no prima facial case had been established against him to warrant his continued trial and punishment.


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