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30 Nov 2017

Lagos CEO lands in trouble for using N10m mistakenly deposited to his account

The Chief Executive Officer of an oil and gas company, Olukunle Owolabi, was on Tuesday arraigned before a Lagos Magistrate’s Court, sitting at Igbosere, for allegedly using the N10m mistakenly deposited into his bank account.
Owolabi, who resides in Ogudu GRA, Lagos, is facing a 1-count charge of fraud preferred against him by the Police.

The defendant, 53, alongside his company, was charged before Magistrate F. O. Botoku.

The prosecutor, Chinedu Njoku, told the court that the defendant committed the offence on April 5.

The offence, he said is punishable under section 285 (5a) of the Criminal Law of Lagos State, 2015.

Njoku said the incident occurred at 2, Tinubu Street, Lagos Island.

According to him, at about 11a.m the defendant fraudulently converted N10 million belonging to a bank, which was deposited into his account by Telecorev Nigeria Limited on March 31.

The prosecutor told the court that the defendant’s account was last used by him in 2016.

He said he suddenly got an alert from the bank, he transferred the entire money into his account in another bank and used it in paying off his debts.

The defendant, during his arraignment, told the court that on March 31, he received an alert of N10 million.

He said he thought the money was from one of his customers or debtors.

The defendant, however, pleaded not guilty to the charge.

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

She said the sureties must be gainfully employed and show evidence of payment of tax to Lagos State government with verification of addresses.

Botoku, however, adjourned the case to December 19 for a mention.

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