Court acquits businessman of fraud charges

The Federal High Court, Lagos, has discharged and acquitted a Lagos-based businessman, Dr Taiwo Malumi of allegation of fraudulent enterprise transactions.

The police filed the cost towards him beneath the Advance Fee Fraud Act.

The transaction concerned a property valued at N170 million on B9, Ruxton Road, Ikoyi which Malumi mentioned he acquired the authority of the then Federal Ministry of Works and Urban Development to develop and dispose off, whereas one Nick Shaiyen, Managing Director, Whitehall Ltd expressed curiosity in buying the identical facility.

Shaiyen made an preliminary fee of N40 million earlier than the transaction broke down and have become a matter for litigation.
Following a criticism by Shaiyen, alleging that Malumi defrauded him of N40 million within the course of the transaction, the police in November 2016 instituted a case of Advance Fees Fraud towards Malumi on the Federal High Court.

While the trial was on, the events with the total information of the prosecutor sought the permission of the decide for out of courtroom settlement, which was granted.

Notwithstanding the settlement reached by events within the matter, the police insisted on persevering with with the trial.
The defendant by way of his counsel, Ayodele Salami, nevertheless objected to this and prayed the courtroom to dismiss it.

The defendant mentioned from all of the evidences introduced earlier than the courtroom by the prosecutor, no prima facial case had been established towards him to warrant his continued trial and punishment.

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