A 25-year-old trader, Samuel Owoeye, who allegedly obtained N1.7 million loan from a man on the pretext of repaying it at due date, on Thursday appeared before an Apapa Magistrates’ Court, Lagos.
Owoeye, a resident of Apapa area of Lagos, is standing trial on a two-count charge of stealing and obtaining under false pretences to which he pleaded not guilty.
The prosecutor, Sgt. Olusegun Kokoye told the court that the accused committed the offences on Jan. 14 at Mogaji Street, Olodi-Apapa in Lagos.
He alleged that the accused fraudulently obtained N1.7 million from the complainant, Omosegbon Oluwole, on the pretext of returning the money after five months.
Kokoye claimed that the accused invested the money in his business and refused to pay back the money to the complainant when dur.
The prosecutor said the accused just kept giving flimsy excuses for his failure to defray the loan.
“When the complainant got tired of Owoeye’s excuses, he reported the case to the police and the accused was arrested.”
The offences contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015.
Nigerian Pilo reports that Section 314 prescribes 15 years imprisonment for obtaining under false pretences.
The Senior Magistrate, Mr M.A. Etti, in his ruling, granted the accused bail in the sum of N500,000 with two sureties in like sum.
Further hearing in the case was fixed for Oct.30