How Man Defrauded Bank of a Whopping N69 million in Lagos...See Shocking Details

 

One Olatunbosun Ololade, a businessman, was arraigned by the police on Friday for obtaining N69.1 million from Stanbic IBTC Bank under the guise of supplying diesel to 7up Bottling Company Plc.

 

According to The Nation, Ololade, 42, whose address was not given, was arraigned before Mrs. A. O. Sholadoye of an Igbosere Magistrates’ Court, Lagos, on a four-count charge of conspiracy, stealing, fraud and forgery.

 

Prosecuting Inspector, Steven Molo told the court that the defendant and others at large committed the offences sometime in February 2014, at Stanbic IBTC Bank, No. 8, Apapa- Oshodi Expressway, Coconut Bus Stop, Apapa, Lagos.

 

Molo said the defendant obtained N69.1 million under pretext that he had an invoice discount facility to supply 1, 320 litres of Automotive Gas Oil (AGO)  to 7up.

 

The defendant, he alleged, forged letters of offer which he presented to the bank as if it originated from the bottling company.

 

The prosecutor claimed that the defendant made the representation knowing it was false.

 

It was also alleged that the defendant stole the said sum, property of Stanbic IBTC Bank Plc.

 

Molo added the offences contravened Sections 285 (1) (10), 312 (1), 363 (1) and 409 of the Criminal Law of Lagos State, 2011.

 

The defendant denied the charges.

 

Chief Magistrate Sholadoye granted him bail in the sum of N1 million with two sureties in like sum.

 

The sureties must be civil servants from grade levels 16 and 17 and must swear to an affidavit of means.

 

The case was adjourned till July 1 for mention.