Archive Lagos trader elopes with N2.8m loan

Lagos trader elopes with N2.8m loan

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A Lagos trader, Usman Umaru, 45, has been dragged to court for allegedly failing to repay a N2.8 million loan he collected from a Lagos-based investment company.
Umaru appeared before an Abule Egba Magistrates’ Court, Lagos, on Monday.
The accused, who until his arrest resided at 17, Akinola Close, Abule Egba, a Lagos suburb, is facing a two-count charge of obtaining money under false pretenses and stealing.
Umaru pleaded innocence on the offences.
The prosecutor, Inspector Racheal Williams, told the court that the accused committed the offences by defrauding Denon Finance and Investment Company of N2.8 million; on September 13, 2013, at its office situated at 8, Ogunrinde St., Katangowa Market, Abule-Egba Road, Lagos.
According to the prosecutor, the accused got the loan from the company with a promise to repay after one month.
She said: “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”.
Williams said the offences contravened Sections 284 and 312 (3) of the Criminal Law of Lagos State, 2011.
Mrs. Adenike Shonubi, the Magistrate, granted the accused in the sum of N1.5 million with two sureties in like sum prior to adjourning the case to July 7 for trial.

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