A 45-year-old businessman, Tony Okeleke was on Wednesday docked in an Upper Area Court in Kubwa, Abuja, for allegedly misappropriating N2 million meant for investment.
The police charged the defendant with criminal breach of trust, misappropriation and cheating.
The Prosecution Counsel, Mr John Okpa alleged that the defendant acted fraudulently and deceived one Mr Quadri Shehu into giving him the money in March, 2023.
Okpa said the defendant collected the money under the pretense of investing the amount in a housing estate for six months with a profit of N1 million.
He added that the defendant however misappropriated the money to his use without Shehu’s consent.
The offence, he said, contravened the provisions of sections 312, 309 and 322 of the Penal Code.
Section 309 states that whoever commits criminal misappropriation shall be punished with imprisonment for a term which may extend to two years or fine or with both.
The defendant however pleaded not guilty to the charge.
The judge, Muhammad Wakili admitted the defendant to N1 million bail with one surety in like sum with a fixed address, within the court’s jurisdiction.
Wakili said the surety must produce a print out of the Bank verification number (BVN) and address should be verified by the police and court officials and then adjourned the matter until March 7 for hearing.
Businessman arraigned over alleged misappropriation of N2m