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Police Arraign Businessman Over Alleged N18m Investment Scam

For allegedly obtaining by false pretence, a businessman, Johnny Lulu-barango, has been arraigned before a Lagos Magistrate’s Court sitting in Igbosere, over alleged N18 million investments scam. Lulu-barango was arraigned before Chief Magistrate K. K. Awoyinka by the officers of Force Criminal Investigation Department, Force CID (Annex) Alagbon-Ikoyi Lagos. The prosecution counsel, Mr. Morufu Animashaun, told the court that the defendant committed the offence sometime in May 2022. Animashaun told the court that the defendant fraudulently obtained the sum of N18 million, from a firm called ‘Nomba’, with a promise of investing the money in a business and pay back the company the proceeds of the investment. He said that the defendant received the money from the company, in three tranches, which were paid to the accounts registered with his contact (08037954863, 08063507938 and 08033425261). In his submission, the prosecutor told the court that the defendant, after receiving the money, failed and refused to get back to the company, but fled to Port-Harcourt, River State, where he was later apprehended by the police. He said his offence contravened Sections 322 and 287(7)(d) of the Criminal Law Ch.C17, Vol. 3, Laws of Lagos State 2015. Following the plea of not guilty to the two counts charge, the prosecutor prayed the court for a trial date. He also urged the court to remand the defendant pending the determination of the suit against him. But the defendant’s counsel, Omobolaji Adeyemi urged the court to grant his client bail in the most liberal terms, arguing that the charges against his client are available. In her ruling, Magistrate Awoyinka granted the defendant bail in the sum of N2 million with two responsible sureties in like sum. She ordered that the sureties must be residents of Lagos State and must show evidence of three years tax payment to Lagos State. She further ordered that the sureties must have a bank account having N2 million, which will be in their account till the determination of the charge against the defendant. The chief Magistrate subsequently adjourned the matter to June 23, 2023, for mention and ordered that the defendant be remanded in the custody of Nigerian Correctional Services (NCoS) till he perfects his bail conditions.

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