Man in court for allegedly defrauding loan agency N400,000

Police brought a 40-year-old man, Isaiah Ighosere, to a Badagry Magistrates’ Court in Lagos State on Wednesday for allegedly defrauding a loan services company of N400,000.

Ighosere, who has no fixed address, faces three counts of fraud, theft and breach of the peace, to which he has pleaded not guilty.

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Prosecutor, ASP Clement Okuoimose told the court that the accused committed the offenses from January 2022 to June 10, 2022, at the office of Sure Credit Ltd., opposite Trade Fair Complex, Ojo, Lagos State .

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Okuoimose said the defendant obtained the loan from the company to repay in installments, but refused to repay within the stipulated time.

The prosecutor added that the defendant had converted the money for his personal use.

He said the defendant also conducted himself in a manner likely to undermine the peace by intentionally refusing to repay the loan.

According to him, the offenses contravene Sections 314, 287 and 168 of the Lagos Criminal Act, 2015.

The News Agency of Nigeria reports that Section 287 stipulates a three-year prison sentence for theft.

The Chief Magistrate, Mr Fadahunsi Adefioye, granted the defendant bail in the amount of 100,000 Naira with two bail bonds of a similar amount.

Adefioye ordered that sureties must reside within the jurisdiction of the court and have proof of tax payment to the Lagos State government.

The Chief Magistrate adjourned the case until August 11 for citation. (

NewsSourceCredit: NAN

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