BY PAUL IYOGHOJIE
The Managing Director of Fincon Commodities Trading Limited, Adelore Adebayo, 57, has been arrested by the operatives of the Nigeria Police Zone 2 Command, Lagos and charged before a Lagos Magistrate’s Court for allegedly conniving with other directors of the Company (still at large) to allegedly used his firm to obtaining the sum of N700,000,000 from the management of Afrinvest Services Limited under false pretense.
Police alleged that the defendant allegedly collected the money from the complainant with the agreement of using the money as working capital with the promised to pay back the money as agreed, but that the defendant fail to use the money for the purpose he obtained it from the complainant and instead he allegedly diverted the money to his personal use through the accounts of the other directors of the Company now at large.
Police further alleged that after waiting for the defendant to repay the money back since year 2022 without any response, the complainant petioned the Assistant Inspector General of Police, AIG incharge of Zone Command, Lagos, AIG Adegoke Fayoade who directed his men to arrest the defendant.
And after investigation by Inspector Amini Love and his team.the defendant was arraigned before the Igbosere Magistrate’s Court sitting at the Tinubu Magistrate’s Court on a three count bordering on conspiracy, obtaining money by false pretence and stealing.
Police prosecuting Counsel, DSP Francis Igbinosa informed the court that the defendant committed the offence on 29 June, 2022 at Ikoyi, Lagos.
Igbinosa told the Court that the defendant connived with other directors of the Company to obtained the N700m from the complainant as a working capital and to expand his business with the promise to pay back at an agreed period, but that the defendant failed to paid back the money to the complainant as agreed and instead allegedly converted the money to his personal use leading to his arrest.
He said the offences, the defendant committed were punishable under sections 411,314 and 287 of the Criminal Law of Lagos State, 2015.
The defendant, however pleaded not guilty to the charges and Chief Magistrate, O.O Olatunji granted him N100,000,000 bail with two surties in like sum.
Olatunji adjourned the case till 21 May, 2025 for mention and ordered that the defendant be detained at the Ikoyi correctional facility, Lagos till he perfected the bail conditions.
