Businessman arraigned over alleged N130m fraud in Lagos
Businessman Arraigned on Fraud Charges in Lagos
LAGOS — Ifeanyichukwu Onuegbu, a businessman, was arraigned Wednesday at the Federal High Court in Lagos, facing allegations of fraud totaling 130 million naira.
Onuegbu is being tried alongside his company, Southeast Edibles and Spices Ltd., under the supervision of Justice Yellin Bogoro. The defendants were presented in court by the Police Special Fraud Unit on four counts, including conspiracy, obtaining money under false pretenses, fraudulent diversion, and conversion.
Upon the reading of the charges, Onuegbu, who represented the company, pleaded not guilty.
Prosecutor M.Y. Bello asserted that Onuegbu conspired with unidentified accomplices to commit the alleged offenses on August 28, 2024. The prosecutor claimed that Onuegbu obtained 130 million naira from the complainant, Cletus Chukwu, by promoting an investment scheme that promised high returns. This representation was reportedly false, as the funds were allegedly diverted for personal use.
The charges violate Sections 1(3)(a), 8(a), 18(2)(b), and 18(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act of 2006.
After the defense, represented by counsel M.C. Ike, filed a bail application, the court adjourned the proceedings until May 7 for a ruling. Justice Bogoro ordered that Onuegbu be remanded in a correctional facility pending a decision on the bail request.
