The Police in Lagos on Friday arraigned a 29- year-old man, Martins Odueko, before an Ikeja Chief Magistrates’ Court for trial over N132 million fraud charge.
The defendant, a banker, who resides at 14, Horticp Way, Command, Lagos, is being tried for obtaining by false pretense and stealing.
The Prosecutor, ASP Adegoke Ademigbuji, told the court that the offences were committed between May and August 2025 at Renmoney Microfinance Bank, Oke Odo, Abule Egba Road, Lagos.
He alleged that the defendant obtained N132 million from the bank under the pretence of disbursing it as loans to traders who had applied for them.
He said the defendant failed to release the funds to the traders and instead diverted the money for personal use.
According to the prosecutor, the offences contravene Sections 280 and 314 of the Criminal Law of Lagos State, 2015.
The defendant, however, pleaded not guilty to the charges.
The Chief Magistrate, Mrs O. A. Odubayo, granted the defendant bail in the sum of N2 million with two sureties in like sum.
Odubayo then adjourned the case to December 17 for mention. (NAN).