ONDO TRADER ARRAIGNED OVER ALLEGED N10.12M FRAUD INVOLVING BUSINESS PARTNERS

The defendant, who resides in Kanfasha, is facing a three-count charge of obtaining by false pretence, stealing and criminal intimidation.

According to the prosecutor, Inspector Nelson Akintimehin, the alleged offences were committed in March 2026 when Ishaya reportedly collected N10,120,000 from Engineer Emmanuel Olamide Bakare and Alfred Monday for a business transaction.

The prosecution told the court that the money was paid into the defendant’s First Bank account for the purchase of goods. However, he allegedly diverted the funds for personal use instead of carrying out the agreed transaction.

Police further alleged that after the complainants demanded either the goods or a refund of their money, the defendant threatened to kill them through telephone calls and text messages.

The prosecution said the alleged offences contravene Sections 323, 383, 390(9) and 434 of the Criminal Code, Cap. 37, Volume I, Laws of Ondo State, 2006.

The defendant pleaded not guilty to all the charges.

Following the arraignment, the prosecution applied for an adjournment to enable the police present their witnesses during the trial.

Defence counsel, Henry Orisamuyiti, subsequently prayed the court to admit the defendant to bail.

In her ruling, Magistrate Adedapo granted the defendant bail in the sum of N2.5 million with two sureties in like sum.

The court directed that the sureties must provide evidence of landed property in a good area within Akure, valid National Identity Cards and current tax clearance certificates. It also ordered the police to verify their residential addresses before the bail conditions could be perfected.

The magistrate further ruled that the sureties could alternatively deposit N2 million into the Judiciary account as collateral.

The defendant was remanded in police custody pending the fulfilment of the bail conditions.

The matter was adjourned until August 3, 2026, for hearing.