Cheque
By Oluwatope Lawanson
Ikeja, April 27, 2018 (NAN) A 37-year-old trader, Ikenna Stephen, who allegedly issued a N1.85 million dud cheque to a company, on Friday appeared before an Ikeja Magistrates’ Court.
Stephen, who resides near Cement Bus Stop, Iyana-Ipaja, Lagos, is facing a count charge.
He, however, pleaded not guilty.
The prosecutor, Insp. Peter Nwangwu, told the court that the accused committed the offence on May 7, 2017 at 10.00a.m. at No. 29, Orishe St., Ikeja.
Nwangwu submitted that the accused issued a Diamond bank cheque No 00000086 for N1, 850,000 to Fragg Investment Management Ltd., knowing well that he had no money in his account.
He said that the case was reported by one Mr Chima Ukaegbu on behalf of the company.
“The accused issued the complainant a post-dated cheque for repayment of the N1.85 million loan he collected from the company.
“The cheque was dishonoured when it was presented at the bank.
“All efforts made by the complainant to get the accused to repay the loan was unsuccessful as he absconded and switched off his phone,” he said.
The offence contravenes Section 316 of the Criminal Law of Lagos State, 2015 (Revised), according to the prosecutor.
The News Agency of Nigeria (NAN) reports that the section stipulates a seven-year jail term for offenders.
In her ruling, Magistrate Y.O. Aje-Afunwa, granted the accused bail in the sum of N550,000 with two sureties in like sum.
She said that the sureties must be gainfully employed and own landed property within the court’s jurisdiction.
Aje-Afunwa adjourned the case until June 1 for mention. (NAN)
LAW/EOB/IGO
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Edited by Edith Bolokor/Ijeoma Popoola