The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned one Adebayo Ogunnusi and his company, TQM Infrastructure Limited, before Justice Sybil Nwaka of the Lagos High Court sitting in Igbosere, Lagos, on one-count charge bordering on obtaining money under false pretence to the tune of N50,400,000.

The offence is contrary to Section 1(1) (a) and 1 (3) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.

The complainant, Kehinde Agbabiaka, alleged that he approached the suspect, who presented himself as Head, Small and Medium Enterprise desk of a new generation bank, to source for the sum of $ 160,000, which he needed to import goods from China within a week.

Agbabiaka further alleged that he transferred the money in installments of N47, 250,000.00 on August 22, 2016 and N3,150,000.00 on August 26, 2016 respectively to the GTBank account number 0001058690 of the suspect.

The suspect, however, allegedly reneged on the agreement and also became elusive after receiving the money.

The suspect pleaded not guilty when the charge was read to him.

In view of his plea, the prosecution counsel, Mustapha Aliyu, asked the court for a trial date and prayed that the suspect be remanded in prison custody.

The defence counsel, however, pleaded with the court to grant his client bail.

Consequently, Justice Nwaka ordered the suspect to be remanded in Ikoyi Prisons.

The case was adjourned to November 15, 2017 for consideration of bail application.

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