Court Remands Businessman Over Alleged N184m, $37, 314k Fraud

Justice Ismail Olaleka Ijelu of an Ikeja High Court of Lagos State, today, ordered remand of a businessman, Muhammed Usman at the Correctional facility over allegation of fraud. 

 The judge ordered the remand of Usman after he was arraigned alongside his company, Masha Allah International Resources Limited by the Economic and Financial Crimes Commission (EFCC) on on a four-counts charge, of obtaining by false pretence and stealing of N184. 075 million and $37,314 USD. 

The EFCC alleged that Muhammed Usman and and his firm, Masha Allah International Resources Limited  deceitfully induced and obtained various amount from people and their company. 
They were accused to committing the offences on August 22, 2022 in Lagos with intent to defraud, deceitfully induced one Abdullahi Dalhatu Isa of Yarinya & Co Farms Limited to pay the sum of N34,350,000.00 only into his Access Bank account on the understanding that he have at stock the equivalent foreign currency for exchange at the rate of 685 Naira per 1 US Dollar which pretence he knew was false.
 The EFCC also alleged that sometime in 2022 in Lagos with intent to defraud, induced one Alhaji Lawal A.A. of Three Brothers Rice Mill Limited to pay the total sum of N34, 175 million and N47, 950 million, into his Access Bank account on the understanding that he have at stock, the equivalent foreign currency for exchange at the rate of 683.5 Naira per 1 US Dollar which pretence he knew to be false.

The defendants were further accused of obtaining  the sum of N67, 600 million through his Providus Bank account from one Suleiman Bashiru on the understanding that he have at stock, the equivalent foreign currency of the said sum, for exchange at the rate of 675 Naira per 1 US Dollar which pretence he knew was false.

And also obtained $37,314.00  from one Faisan Haruna, on the understanding that he would give him the naira equivalent which pretence he knew was false.

He has therefore denied the allegation and pleaded not guilty to all the count charge. 

Following his plea, EFCC counsel, Mr. Ahmed Yerima prayed the court for a trial date to enable the prosecution assemble its witnesses and for an order of the court remanding the defendant at a custodial facility.

Responding to his submission, the defendant counsel, Mr. J.H. Bashir urged the court to remand the defendant in EFCC custody. He pleaded that, he was processing to file his bail application before the court with same to be served on the prosecution soon.

The judge therefore ordered the defendant to be remanded at the Ikoyi Correctional Facility and adjourned the case to June 19, 2023 for trial.