Man, 42, Arraigned In Ikeja Court Over Alleged N8m Loan Fraud, Dud Cheque

Odumegwu was arraigned by the police on a three-count charge, marked Charge No. 12026, in a case filed as Commissioner of Police vs Ugochukwu Richard Odumegwu.

The prosecution was led by SP Phillip Ademigbuji, while the matter was presided over by Magistrate Mrs. O. Kasunu.

According to the charge sheet read in court, the defendant allegedly obtained credit of Eight Million Naira (N8,000,000) from Asha Micro Finance Bank Limited, Ikeja, Lagos, on August 19, 2026, under the pretence of paying back within a few months, a representation the police said he knew to be false.

The police alleged that the defendant approached the bank and presented himself as a genuine customer who needed a facility to support his business. It was further alleged that based on the representation made to the bank, the facility was approved and released to him.

He was also alleged to have stolen the said sum of N8,000,000, property of Asha Micro Finance Bank Limited.

In count three, the police alleged that on November 21, 2025, the defendant issued a Fidelity Bank Plc cheque No. 5600620350, with account name Ugodum International Limited, in the sum of Two Hundred Thousand Naira (N200,000) to Asha Micro Finance Bank, which was dud on presentation due to insufficient funds.

The prosecution told the court that when the cheque was presented at the bank for payment, it was returned unpaid because there was no sufficient money in the account to cover the amount written on it.

The offences are said to be contrary to and punishable under Sections 315 (1a & b), 287 and 322 of the Criminal Law of Lagos State, 2015.

Section 315 deals with obtaining by false pretence, Section 287 deals with stealing, while Section 322 deals with issuance of dud cheque. The court will determine at trial whether the prosecution can prove the allegations against the defendant beyond reasonable doubt.

The defendant pleaded not guilty to all the charges after they were read to him in court.

Following his plea, the prosecutor, SP Ademigbuji, asked the court for a date for trial and for the defendant to be remanded pending the determination of his bail application.

In her ruling, Magistrate Kasunu granted him bail with two sureties who must show evidence of means of livelihood and tax payment.

The magistrate ordered that the sureties must be responsible persons who can show that they have a verifiable source of income and have been paying tax to the government. The court held that the conditions must be verified by the court before the defendant can be released.

The defendant was remanded in the Correctional Centre at Kirikiri Town pending the perfection of his bail conditions.

This means that he will remain in custody until his sureties present the required documents and the court is satisfied that the bail conditions have been met.

The case was adjourned for further hearing.

He is presumed innocent until proven guilty by a court of competent jurisdiction.