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Bizman docked over alleged N69.1m, theft

By Onozure Dania

‎The police yesterday arraigned a 42-year-old businessman, Olatunbosun Ololade, who allegedly obtained the sum of N69.1 million from Stanbic IBTC Bank under false pretence of supplying diesel to 7up bottling company Plc, before an Igbosere Magistrate’s Court. The defendant who has no fixed address, is facing a four-count charge of conspiracy, stealing, fraud and forgery, preferred against him by the police.

The Prosecutor, Inspector Steven Molo, told the court that the defendant and others at large committed the alleged offences sometime in February 2014, at Stanbic IBTC Bank, at 8, Apapa Oshodi Expressway, Coconut Bus stop, Apapa, Lagos. He said that the defendant obtained the sum of N69.1 million under pretext that he had an invoice discount facility to supply 1, 320 litres of Automotive Gas Oil to 7up company PLC.

Molo, also alleged that the defendant forged letters of offer which he presented to the bank as if it originated from the bottling company. The prosecutor further stated that the defendant made the representation knowing it was false, He said that the stolen sum belong to Stanbic IBTC Bank Plc. According to Molo the offences committed is punishable under Sections 285 (1) (10), 312 (1), 363 (1) and 409 of the Criminal law of Lagos State, 2011.

The defendant however pleaded not guilty to the charge against him. The Magistrate, Mrs A. O. Sholadoye, granted him bail in the sum of N1 million, with two sureties in like sum. She ordered that the sureties must be civil servants from grade levels 16 and 17, adding that they must swear to an affidavit of means and adjourned the case till July 1 for mention.


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