Two men — Micheal Ojo and Matthew Emmanuel — were on Thursday charged with N4.2 million fraud at an Osogbo Magistrates’ Court following a failed business transaction.
The accused — Ojo, 33, and Emmanuel, 22 — who are facing a two-count charge of conspiracy and fraud, have entered a `not guilty’ plea.
But the Prosecutor, Insp. Joshua Oladoye, insisted that the accused committed the offences on Jan. 14 at 10. 00 a.m. at Power Line area of Osogbo.
Oladoye said the accused conspired to defraud the complainant, Owolabi Tajudeen, of N4.2 million after a failed business transaction.
According to him, the complainant gave the money to the accused to help him manage a fish pond but they converted all the proceeds from the business to their personal use.
“Ojo was given N3.7 million by the complainant to help him manage a fish pond and he later stole some fish worth about N500,000.
“The business was grounded and the duo failed to fulfill their own side of the transaction to repay the complainant.
“The accused is expected to pay the sum of N3.7 million, being the capital with the N500,000, the value of the stolen fish, totaling N4.2 million to the complainant,” Oladoye told the court.
The offences contravened Sections 390 and 516 of the Criminal Code, Laws of Osun, 2003.
Counsel to the accused, Mr Oyegbemi Adediran, urged the court to grant him bail on liberal terms.
In her ruling, Magistrate Adebimpe Ajanaku granted the accused bail in the sum of N500,000 and two sureties each in the like sum.
Ajanaku said the sureties must reside within the court’s jurisdiction and show evidence of tax payments.
She said one of the sureties must be a civil servant on Grade Level 10 while the other must be a close relation of the accused. The case was adjourned until June 7 for hearing.