Lagos businessman docked for unredeemed N4m bank facility

A 33-year-old businessman, Babatunde Olagun, who allegedly obtained N4 million from a microfinance bank in Lagos under the guise of using the money to improve his business, was on Monday docked at an Igbosere Magistrates’ Court.
Olagun, who resides at 2, Fasuba link Road, Gateway Zone in highbrow Magodo Phase 1, Lagos, was, however, granted bail in the sum of N500,000 with two sureties in like sum after he pleaded not guilty.
He is standing trial on a five-count charge of conspiracy, fraud, forgery, issuing dud cheque and stealing.
According to Prosecutor Olajide Tubi, the accused committed the offences on July 14 at 11am at Addosser Microfinance Bank located at 32, Lewis Street, Lagos island.
Tubi said the accused obtained N4 million from the bank on the pretext of growing his business and entered into an agreement or bond to repay the money within two months.
Tubi said: “The accused ran away with the money, but when he was apprehended, the accused issued two different bank cheques, which were dishonoured on presentation due to insufficient funds.”
Tubi told the court that the accused also forged a Local Purchase Order of one Hyundai Heavy Industrial Ltd for a vehicle which he presented to the microfinance bank as collateral for the loan.
He said the accused’s failure to repay the loan amounted to stealing the money property of Addosser Microfinance Bank Plc.
The offences contravened Sections 78 (b), 285, 319, 363 and 409 of the Criminal Law of Lagos State, 2011.
The Magistrate, O. M. Ajayi, said the sureties must show evidence of tax payment to the state government and credible means of livelihood.
She adjourned the case to October 25 for mention.

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