Police from Special Fraud Unit (PSFU), Ikoyi, Lagos, have arraigned a businessman, Tejuoso Shina, before a Lagos Federal High Court, on alleged multiple forex trade fraud, amounting to N66 million.
The businessman was also slammed with charges of issuance of two dud cheques, with monetary value of N5 million.
The Tejuoso Shina was arraigned before the court presided over by Justice Yelim Bogoro on a five charges of conspiracy, Obtaining the sum of $59,500,000: £5,000 BPS and N5 million by false pretence.
He was also charged for issuance of an IBTC Bank’s dud Cheque No. 00000013 valued at N5 million.
The prosecutor, Mr. Justine Enang, while arraigning the defendant, told the court that he committed the alleged offences sometimes in 2019.
Precisely, the prosecutor told the court that the defendant and others now at large, fraudulently obtained the money from his victims who include Abiodun Adefunrin and Mojisola Olusoji.
He stated that while he collected the sum of $59,500 USD and £5000 PBS from Abiodun, he received the $5000 USD from Mrs. Olusoji.
Enang also told the court that the defendant also issued the N5 million dud cheque to Mrs. Olusoji, which was rejected upon presentation at the bank for lack of funds in his account.
He told the court further that the offences committed by the defendant contravened sections 1(3), 1(1)(a)of the Advance Fee fraud and other Fraud Related Offences Act, 2006 and section 1(1) of the Dishonoured Cheques Act, Cap 011, Laws of the Federation of Nigeria, 2004.
The defendant, Tejuoso Shina denied the allegations and pleaded not guilty to the charges.
Following his not guilty plea, his Counsel, Babatunde Akande, told the court that he had filed and served the prosecutor with the bail application of his client, and urged the court to grant the defendant bail in the most liberal terms.
The prosecutor told the court that he is not opposing the defendant’s bail application, but urged the court to admit him to bail with the terms that will make him to appear before the court till the determination of the charges against him.
Ruling on the bail application, Justice Bogoro, admitted the defendant to bail in the sum of N30 million with two sureties in like sum.
The judge also ordered that one of the sureties must be a Grade Level 15 officer in either Lagos State of Federal government establishment, while the second surety must be the defendant’s wife.
Justice Bogoro while adjourning the defendant’s trial to February 5, 2024, ordered that the defendant be remanded in the custody of the Nigerian Correctional Services NCoS, till he is able to perfect the bail terms.
