A medical doctor, Obinna Monagor, 62, yesterday got more than he bargained for as a Lagos High Court, sitting in Ikeja ordered that he should be remanded in prison custody over alleged fraudulent conversion of N13.5 million.
Justice Oluwatoyin Ipaye gave the order after Monagor was arraigned
by the Economic and Financial Crimes Commission (EFCC) on a one-count
charge of stealing by fraudulent conversion.Counsel to the EFCC, Mr. Ademola Omeiza, told the court that sometime in 2010, Monagor had approached the complainant, Mr. Godwin Achi, that he had a three-storey edifice for sale.
Omeiza said that the property, located at No.7, Tade Aromolate Close, William Estate, Surulere, Lagos, was offered to the complainant for N150 million.
He said the complainant paid a first installment, but could not pay the balance following inability to obtain a credit facility from his bank.
The EFCC counsel said Achi finally got the loan in 2012, but discovered that the said property had been sold to another party, Edscob Suites.
The prosecutor said that following the development, the complainant demanded the refund of his initial deposit from Monagor.
He said that the refusal of the defendant to pay back the money after one year of selling the property prompted Achi to petition the EFCC.
Omeiza said that investigation into the matter by the commission consequently led to Monagor’s arrest and the ongoing prosecution.
According to him, Monagor’s action contravened Sections 390 (8) (b) and (9) of the Criminal Code Laws of Lagos State of Nigeria, 2003.
The accused medical doctor, however, pleaded not guilty to the charge.
Ruling on the bail application filed by Monagor’s counsel, Dr. Muiz Banire, the judge granted bail to the defendant in the sum of N5 million with two sureties in like sum.
The judge 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.
Monago, who lives at D1, Alhaji Masha Road, Surulere, Lagos, would remain in prison pending the perfection of his bail condition.
The matter was adjourned to June 24, 2015 for trial.
