The managing director of an insurance company, John Ethagbe has been arraigned by the Lagos State Police Command over alleged N20m fraud.
He was arraigned on Thursday before a Lagos division of the Federal High Court on two counts charge bordering on an alleged conspiracy to commit fraud and obtaining money under false pretence.
Upon arraignment, he pleaded not guilty to the charges preferred against him by the Police Special Fraud Unit in Lagos state according to Punch.
Though the prosecutor urged the court to remand him to the correctional facility and asked for a trial date.
His lawyer prayed for the court to grant him bail with a promise to produce him on the trial date.
Justice Yelim Bogoro granted his prayer and released the defendant to his lawyer with an order to produce him at the next adjourned date.
The case was adjourned till March 21, 2023, for a ruling on the bail application.
Background
At the proceeding, Henry Obiaze, the prosecutor informed the court that in December 2012, John Ethagbe alongside one Jerome Itepu (now at large) committed the offences in Lagos state.
He said Ethagbe allegedly obtained the said sum from one Felix Ogbe, with the pretence that the money was for the execution of a contract awarded to them by the Federal Government.
According to the prosecutor, the offences committed contravened Sections 8(a) and 1(1)(a) of the Advance Fee Fraud and Related offences Act 2006, and were punishable under Section 1(3) of the Advance Fee Fraud and other Related Offences Act Laws of the Federation of Nigeria 2006.
The defendant`s lawyer informed the court that the matter that led to the charges was purely a civil contract between parties.
According to him, his client only introduced parties to each other and did not receive any money from any of them. He added that even the cheques issued in the course of the contract were not issued in his client’s name.
