A 19-year-old man, Ark Ashade, who allegedly defrauded three men of N19,450, 000 was on Monday docked in an Ogudu Magistrates’ Court, Lagos State.

Ashade, whose address was not provided, is facing a two-count charge of stealing and obtaining money under false pretence.

He, however, pleaded not guilty to the charges.

The prosecutor, Insp. Sunday Bassey, told the court that the defendant committed the offences between April and July 2021 at Ikosi, Ketu area of Lagos.

Bassey said the defendant fraudulently obtained the sum of N9.4 million from Mr Olayemi Ganiyu under the pretext of helping him invest in forex business; a representation he knew was false.

“In the same month the defendant collected the sum of N5, 050, 000 from Mr Shofu Olaolu, under the pretext to invest the said amount for him on forex trading, which he knew to be false
He also collected the sum of N5 million in the same month from Mr Prince Efue with the same intention of investing it for him on forex trading and which he knew to be false,” Bassey said.

The prosecutor said the defendant converted the money to his personal use.

He said the offences contravened Sections 314 and 287 of the Criminal Law of Lagos State, 2015.

News Agency of Nigeria (NAN) reports that Section 287 stipulates three years’ jail term for stealing.

The magistrate, Mrs O.A Daodu, granted the defendant bail in the sum of N1.5 million with two sureties in like sum and evidence of tax.

She adjourned the case until Feb. 10 for mention.