N70m Fraud: Court Grants Suspects N5m Bail Each

Court gavel.

An FCT High Court, Apo, on Monday granted bail of 5million each to 3 men docked over alleged N70million fraud.

The defendants: Babalola Mathew, 45; Hameed Ifaremi, 42, and Sikiru Ifaola, 61, are standing trial on a three- count charge bordering on conspiracy, false pretext and fraud, offences he denied committing.

Earlier, the prosecutor, Mr David Abah,  told the court that the offences were committed between December,2016, and March 2017.

The defendants and two others now at large, were alleged to have fraudulently obtained N70million from one Horsefall Nicholas of No. 4, Nisbullahi Union Homes Estate, Abuja, with the pretext to give him a contract.

He added that the defendants converted the money to their personal use.

Abah said that the offences contravened Sections 1(1) and punishable under Section 8 of the Advance Fee Fraud and other Fraud Related Offences Act 2006.

Justice Idris Kutigi, granted bail to the defendants in the sum of N5million each with two sureties each in like sum, and  adjourned the case until June 27, for hearing.