The police in Lagos have arraigned a businessman, Olakunle Owolabi, before a Lagos Magistrate’s Court for allegedly spending the sum of N10 million erroneously deposited in his bank account.
The 53-year-old man, alongside his company, was charged before Magistrate F. O. Botoku in Lagos.
The defendant, who resides in Ogudu GRA, Lagos, is facing one-count charge of fraud preferred against him by the police.
The prosecutor, Chinedu Njoku, told the court that the defendant committed the alleged offence on April 5 this year.
Njoku said the defendant fraudulently converted N10 million belonging to a bank, which was deposited into his account by Telecorev Nigeria Limited on March 31.
The prosecutor told the court that the defendant’s account was last used by him in 2016 and when he suddenly got an alert from the bank, he transferred the entire money into his account in another bank and used it in paying off his debts.
The defendant, while being arraigned, told the court that on March 31, he received an alert of N10 million.
“When I got the alert, I thought it was from one of our customers or debtors; so I decided to wait till I got a call from the bank or the person.
“When I didn’t get any call, on April 4, I transferred the money to my account in another bank, which led to my account being frozen.
“It was a clear case of criminal conspiracy by the bank and Telecorev to launder money and operate my account illegally without my consent.”
He asked that the Telecorev account from which the money was transferred be probed.
According to Njoku, the offence committed is punishable under Section 285(5a) of the Criminal Law of Lagos State, 2015.
However, the defendant pleaded not guilty to the charge.
Magistrate Botoku granted him bail in the sum of N1 million with two sureties in like
sum.
She said the sureties must be gainfully employed, show evidence of payment of tax to the Lagos State Government and have verifiable addresses.
