An Ikeja High Court on Tuesday ordered that Obinna Monagor, a 62-year-old medical doctor, be remanded in prison over alleged fraudulent conversion of N13.5 million.
The defendant, who is a resident of D1, Alhaji Masha Road, Surulere, Lagos, was arraigned by the Economic and Financial Crimes Commission (EFCC) on a one-count charge of stealing by fraudulent conversion.
Justice Ipaye who presided over the case ordered Monago to be remanded in prison pending the perfection of the N5 million bail conditions granted him by the court.
As stated by EFCC's counsel, Mr. Ademola Omeiza, Monagor had sometime in 2010 approached the complait, Mr. Godwin Achi, that he had a three-storey edifice, located at No.7, Tade Aromolate Close, William Estate, Surulere, Lagos, for sale.
Omeiza told the court that the property was offered to the complait for N150 million, adding that the complait paid a first instalment, but could not pay the balance following inability to obtain a credit facility from his bank.
The EFCC's counsel further stated Achi finally got the loan in 2012, but discovered that the stated property had been sold to another party, Edscob Suites.
The prosecutor stated that following the development, the complait demanded that his initial deposit be repaid by Monagor which the defendant refused after one year of selling the property.
Omeiza stated that investigation into the matter by the commission consequently led to Monagor's arrest and the ongoing prosecution.
As stated by him, the defendant's action contravenes Sections 390 (8) (b) and (9) of the Criminal Code Laws of Lagos State of Nigeria, 2003.
Monagor, however, pleaded not guilty.
Ruling on the bail application filed by his counsel, Dr. Muiz Banire, the judge granted the defendant bail in the sum of N5 million with two sureties in like sum.
Justice Ipaye directed that one of the sureties must be a blood relative while both should produce evidence of three years tax clearance payment to the Lagos State Government.
The matter was adjourned to June 24 for trial.