By Kemi Obasola   Thursday, 7 Oct 2010

A Lagos High Court in Ikeja has discharged and acquitted a businessman, Mr. Adekunle Fagade, who was alleged to have conspired with four others to obtain money by false pretences.

In his judgment, Justice Joseph Oyewole held that the Economic and Financial Crimes Commission had failed to prove the charges against the accused person beyond reasonable doubt.

Fagade had been arraigned on December 10, 2007 along with Fagro Ventures Limited, Femi Ajakaye, Alex Olusola, Abayomi Fatosin. Ajakaye, Olusola and Fatosin (who are still at large).

The accused person was said to have committed the offence in March 2005 in Lagos when he allegedly obtained $250,000 in a fraudulent manner from Standard Chartered Bank of Nigeria Limited on false representation that the $250,000 represented the cost of exporting cocoa beans and cashew seeds from Nigeria to Noble Cocoa of Switzerland.

It was also alleged that only $500,000 was disbursed out of the $750,000 approved and that after the exports were duly made, inflows representing proceeds were received by the bank.

Lawyer to the accused person, Mr. A. Muyiwa, said it was clear that the defendants acted in good faith.

Source: Punch