A middle-aged Richy Omonefe Orida, has been arraigned before a Lagos Chief Magistrate court, for alleged conspiracy and fraud of N206 million.
According to the Police Special Fraud Unit (PSFU) Lagos which arraigned Orida before Chief Magistrate A. O. Erinle (Mrs.), the money belonged to Baobab Microfinance Bank Nigeria Limited.
Prosecution counsel Henry Obiaze alleged that the defendant committed the offences between November 2020 and July 2021.
He alleged that the defendant and others now at large, conspired and used different firms to fraudulenty obtain the sum on N206 million from the microfinance bank, under the guise that the money would bring multiple returns on investment.
Obiaze told the court that the offences contravened Sections 411 and 314(3) of the Criminal Laws of Lagos State 2015, and punishable under the same Laws.
The defendant pleaded not guilty.
Obiaze applied for a trial date and also prayed the court to remand the defendant in the custody of the Nigerian Correctional Services (NCoS), till the determination of the charge.
But, following the defendant’s application for bail, Mrs. Erinle admitted him to bail in the sum of N5 million naira with two surety in the like sum.
She ordered that one of the sureties must be a traditional ruler whose name must be in the Lagos State Government Gazette and the other must be a property owner within Lagos State.
Further hearing of the charge was adjourned till August 4, 2022.
The Magistrate, however, remanded the defendant in the NCoS’ custody till he perfects the bail terms.