Bizman lands in prison over N5.7m fraud Published on April 21, 2016

Bizman lands in prison over N5.7m fraud

Published on April 21, 2016

Operatives of the Zone 2 Command, Onikan, Lagos Island, southwest Nigeria have arrested a businessman, Michael Agono, 40, for allegedly issuing an L.P.O to Emmanuel Osondu Etoo to supply petroleum products valued at N5.7m with promise to pay for the supply within ten days working days.
The police said instead of paying as agreed, the suspect issued a Stanbic IBTC bank cheque ‘No 10089096’ dated 15 January, 2014 valued at N4,896,500 belonging to AYAQMAK Oil and Gas Limited in favour of Emma Osondu Etoo’s Global Limited with the pretence of paying the money but when the cheque was presented at the bank for payment it was dishonoured due to lack of funds in the account.
After investigation by Inspector Felix Ijere and his team, Michael Agono was arraigned before an Igbosere magistrates court in Lagos on a four-count charge of felony to wit, issuance of dud cheque and stealing.
Police prosecutor, Inspector Ibrahim Haruna who stood in for Inspector S. Molo informed the court in charge noumber H/23/2016 that the accused committed the offence in 2012 at Emmanuel Osondu Etoo’s office in Lagos.
Haruna told the Court that the accused issued an L.P.O to the complainant to supply him petroleum products valued at N5.7m with a promise to pay for the products within ten days after delivery.
He said after the complainant supplied the products, the accused failed to pay and instead issued a cheque valued at N4,896,500 to the complainant as payment but when the cheque was presented in bank, it was dishonoured due to lack of funds in the account.
Haruna said the offences the accused committed are punishable under sections 409,312,285 of the Criminal Laws of Lagos State, 2011 and section 1 Cap 102 of the Dishonoured Cheques Offences Laws of the Federation of Nigeria.
The accused however denied police allegations in court and magistrate Mrs O.G Ogre admitted him to bail in the sum of N500,000 with two sureties in like sum.
Ogre adjourned the case till 12 May, 2016 for mention, while the defendant was moved to Ikoyi prison, Lagos pending when he will fulfil his bail conditions before the court closed proceedings for the day.