Crime
Millions of company’s money invested in MMM; suspect stands his ground in court
John Okonkwo, a salesman who allegedly stole his employer’s N3.5m and invested in the Mavrodi Mondial Movement scheme, appeared before an Ojo Magistrates’ Court Thursday.
The accused, a sales attendant, is facing a charge of stealing.
Okonkwo, 24, however, pleaded not guilty to the charge.
The prosecutor, Insp. Uche Simon, said that the accused committed the offence at Shop 26, Zone E, Block 2A Aspamda Market, Trade Fair Complex, Lagos between the months of March and October.
According to him, Okonwo put the N3.5m sales proceeds belonging to his employer, Mrs Jane Ekweanua, into Ponzi scheme.
“It was during auditing that it was discovered that N3.5 million was missing,” he said.
Simon said the offence contravened Section 287 of the Criminal Law of Lagos State, 2015.
Section 287 prescribes three-year imprisonment for stealing.
Magistrate A. S Okubule granted the accused N500,000 bail with two sureties in like sum.
She said that the sureties must reside within the court’s jurisdiction and must be gainfully employed.
Okubule adjourned the case until Jan. 23, 2018.
-
News2 days agoFRSC opens 2026 nationwide recruitment, online applications begin July 3
-
Football6 days agoAfrica breaks World Cup record with seven teams in knockout stage
-
Entertainment4 days agoActress Cossy Ojiakor shares flooded home as heavy rainfall wreaks havoc in Lagos
-
Football1 week agoNetherlands to face Morocco, Brazil draw Japan in 2026 World Cup round of 32
-
Business5 days agoLogistics bottlenecks threaten Nigeria’s economic growth, industry leaders warn
-
Business1 week agoNAFDAC, FCCPC others partners OSOA Foods advocacy on food safety, MSME growth
-
Business5 days agoInflation, high interest rates loom as FG credit hits N40.38tn
-
Comments and Issues1 week agoOld age is expensive