Two business associates, Samson Agboola and Adebayo Ajiboye, who allegedly fled after obtaining N1.8 million loan from a bank, were on Thursday brought before an Igbosere Magistrates’ Court in Lagos.
Agboola, 43 and Ajiboye, 43, were arraigned on a four-count charge of conspiracy, fraud, stealing and issuance of a dud cheque before Ms T. A. Idowu.
Prosecuting police officer, Sgt. Friday Mameh, alleged that the defendants committed the offences on January 22 at Addosser Microfinance Bank Plc, No.32, Lewis Street, Lagos Island.
The court heard that the duo obtained N1.8 million from the bank, under the guise of improving their business.
They signed an agreement to repay the loan in monthly instalments but failed to do so.
Mameh said: “The defendants ran away to an unknown destination and when they were caught by the police, they issued an FCMB cheque marked 26659121 in the sum of N2.3 million as repayment for the loan.
“The cheque was dishourned when presented due to insufficient funds in the defendants’ account.”
According to Mameh, the offences contravened Sections 287, 314, 321(b) and 411 of the Criminal Law of Lagos State, 2015 and punishable under same.
Agboola and Ajiboye pleaded not guilty to the charges.
Their counsel, Mrs. Ngozi Ibe, applied for their bail “on liberal terms.”
Magistrate Idowu upheld her application and granted each defendant bail in the sum of N250,000 with two sureties in like sum.
The case continues on August 7.