Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.
- By Mary Eboigbe
- A banker, who allegedly presented himself as a Bureau de change operator, Garuba Lawal, and swindled two people of N1.207 million, was yesterday charged before an Igbosere magistrate’s court, Lagos.
Lawal, 38, who resides at 18, Ajusomo, Lagos Island, is facing a three-count charge bordering on conspiracy, fraud and stealing preferred against him by the Police.
The prosecutor, Sergeant Kolade Tedujaye, told the court that the defendant and others still at large conspired to commit the alleged offences.
She said that the incident occurred on September 7, during working hours at Ajah in Lekki area of Lagos.
Kolade said that the defendant obtained N907,000, from one Omolabake Agbelemoge in the guise of changing the money to dollars.
The prosecutor further stated that the defendant also stole N300,000 from one Jide in the guise that he is a bureau de change operator.
According to Kolade, the offence is punishable under Section 411, 314(1), 314(1) of the Criminal Laws of Lagos State, 2015.
‘I am not guilty’
The defendants denied all the charges and Chief Magistrate Abimbola Komolafe granted him N500,000 bail, with two sureties in like sum. The sureties must be gainfully employed and must show evidence of three years tax payment to the Lagos State government and have their addresses verified properly.
She adjourned the case till October 24, for mention.
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