Trader accused of defrauding firm of N17m

The police have arrested a foodstuffs dealer, Mohammed Wasiu, for allegedly defrauding a company, Viscious Global Investment Limited, of N17m in the Iddo area of Lagos State.

PUNCH Metro learnt that 32-year-old Wasiu traded mainly in rice and had been a customer of the company for months before the alleged crime on December 31, 2014.

He was said to have obtained 2,400 bags of rice from the company with a promise to pay later.Our correspondent gathered that about five months after, Wasiu issued a cheque of N4.5m to the company which was dishonoured on the grounds of insufficient funds in the account on which the cheque was drawn.

The case was reported at the Federal Special Anti-Robbery Squad, Adeniji Adele, Lagos, leading to Wasiu’s arrest.

He was arraigned before an Igbosere Magistrates’ Court on two counts of fraud by a police prosecutor, C.N. Odii.

The charges read, “That you, Mohammed Wasiu, on December 31, 2014, at Iddo, in the Lagos Magisterial District, with intent to defraud, issued a UBA Plc cheque number, 58195469, dated May 25, 2015, for the sum of N4.5m to Viscious Global Investment Limited, which on presentation for payment on the date fixed was dishonoured on the grounds that insufficient funds were standing to your credit, thereby committing an offence punishable under Section 319 (b) of the Criminal Law of Lagos State Nigeria, 2011.”

“That you, Mohammed Wasiu, on the same date, time and place in the aforesaid magisterial district with intent to defraud, induced Viscious Global Investment Limited to supply you 2,400 bags of rice valued at N17,280,000 on the pretences that you were going to pay for the rice which you knew to be false, thereby committing an offence punishable under Section 312 (1) (b) of the Criminal Law of Lagos State, Nigeria, 2011.”

The defendant, however, pleaded not guilty to the counts and elected summary trial.

The presiding magistrate, A.O. Awogboro, admitted him to bail in the sum of N2m with two sureties in like sum.

Awogboro added that the sureties must be gainfully employed, with evidence of tax payments made to the state government, and must present their residential addresses to the court. The case was adjourned till February 29, 2016.