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A businessman, Ifeanyichukwu Onuegbu, was on Wednesday arraigned before the Federal High Court in Lagos over allegations of fraud involving N130 million.
Onuegbu is being tried alongside his firm, Southeast Edibles and Spices Ltd, before Justice Yellin Bogoro.
The defendants were brought before the court by the Police Special Fraud Unit on a four-count charge bordering on conspiracy, obtaining money under false pretences, fraudulent diversion, and conversion.
When the charges were read, Onuegbu, who also represented the company, pleaded not guilty.
The prosecution counsel, M.Y. Bello, told the court that the defendant allegedly conspired with others still at large to commit the offences on August 28, 2024.
He alleged that the accused obtained N130 million from the complainant, Cletus Chukwu, through the company’s account, under the guise of an investment scheme with promises of high returns.
According to the prosecutor, the representation was false, as the funds were allegedly diverted for personal use by the defendant and his associates.
The offences, he said, contravene Sections 1(3)(a), 8(a), 18(2)(b), and 18(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006.
Following a bail application by defence counsel, M.C. Ike, the court adjourned proceedings until May 7 for a ruling.
Justice Bogoro subsequently ordered that the defendant be remanded in a correctional facility pending the determination of the bail application.
