A 35-year-old businessman, Abdulsalau Salami, on Tuesday appeared in an Ogudu Magistrates’ Court in Lagos State, for allegedly defrauding a microfinance bank of N496,000.
The police charged Salami, who resides in Ketu, Lagos State, with three counts of obtaining under false pretense, theft and issuance of dud cheque.
He, however, pleaded not guilty.
The prosecution counsel, Inspector Donjour Perezi, told the court that the defendant committed the offence in May, 2019 at the Davo-Dani microfinance bank on Ogudu road, Lagos.
Perezi alleged that the defendant obtained a credit loan of N496,000 from the bank and refused to pay.
He also said the defendant issued a dud Diamond Bank cheque for N496, 000 to the bank.
He told the court that efforts made by the company to get the money failed.
The offence, he said, contravened the provisions of sections 287 and 321(b), 315 of the Criminal Law of Lagos State, 2015.
Magistrate O.M. Ajayi admitted the defendant to bail in the sum of N100,000 bail with two sureties in like sum.
She adjourned the case until November 25 for mention.
