Lagos trader bolts with N2,8m loan

A 45-year-old trader, Usman Umaru, on Monday appeared before an Abule Egba Magistrates’ Court, Lagos, for allegedly failing to repay a N2.8 million loan he collected from a Lagos-based investment company.

The accused, a resident of No. 17, Akinola Close, Abule Egba, a Lagos suburb, is facing a two-count charge of obtaining money under false pretences and stealing.

He, however, pleaded innocence of the offences.

But the prosecutor, Insp. Racheal Williams, told the court that the accused committed the offences by defrauding Denon Finance and Investment Company of N2.8 million.

She said the offences were committed on Sept. 13, 2013 at the company’s office situated at 8, Ogunrinde St., Katangowa Market, Abule-Egba Road.

The accused, according to the prosecutor, got a loan from Denon Finance and Investment Company with a promise to repay after a month.

“The accused collected the loan under the pretext of repaying it after a month as agreed by the two parties.

“The accused presented a dud cheque which was dishonoured at the bank and he has since been on the run,” she said.

Williams said the offences contravened Sections 284 and 312 (3) of the Criminal Law of Lagos State, 2011.

The Magistrate, Mrs Adenike Shonubi, granted the accused in the sum of N1.5 million with two sureties in like sum.

She adjourned the case to July 7 for trial.