Court arraigns Lagos businessman for using bank error to pay off N10m debt
The Lagos Magistrate Court Igbosere, Lagos has arraigned a 53-year-old man, alongside his company, for allegedly using the N10 million erroneously deposited into his bank account to pay off debt.
The Chief Executive Officer of an oil and gas company, Olukunle Owolabi, who resides in Ogudu GRA, Lagos and his company were charged before Magistrate F. O. Botoku.
Owolabi is facing a 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. He said the incident occurred at 2, Tinubu Street, Lagos Island.
According to Njoku, 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.
Owolabi in his defence stated that ” He received an alert of N10 million which he thought was from one of his customers; when he waited and he didn’t get any call from his bank, he transferred the money to his account in another bank and his account was being frozen.
Owolabi said that “It is a clear case of Criminal conspiracy by the bank and Telecorev to launder money and operate my account illegally without my consent.” He asked for the Telecorev account from which the money was transferred to be probed.
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 and show evidence of payment of tax to Lagos State government with verification of addresses.
The case was adjourned to December 19.
