Lagos Cooperative Society President Arrested For Fraud

CYRIACUS IZUEKWE

Crisis has hit Ifedapo Ijegun Multipurpose Cooperative Society, Lagos as members apprehended and handed over to the police their president, Ayoola Adetola and his management team over an allegation of financial fraud.
Adetola was arrested and charged before a Magistrate’s court sitting in Ejigbo, Lagos after the police found him culpable for his alleged involvement in a financial scam.
He was arraigned and later remanded in prison custody.
The arrest and arraignment followed a petition to the police over his activities concerning the association money which some members alleged he diverted to his own personal use without recourse to the interest of the members.
Trouble started after aggrieved members contributed huge sums of money running into millions of Naira with hope to access loan from the association.
When they could not obtain any loan after meeting up with the required condition, they began to suspect that their contributions was diverted elsewhere.
P.M.EXPRESS gathered about 100 members out of 300 members pulled out from the association at the same period and requested for their initial capital they invested to be given to them after due notice to no avail.
When they could not get their money, one of the victims, Pastor ThankGod Okoye reported to the police and Adetola was arrested and charged to court.

While at the court, other members of the association who have similar situation besieged the court to inform the sitting that they are also victims.
When he was arraigned, he pleaded not guilty.
The presiding Magistrate, Mr A.A. Fashola granted him bail in the sum of N100,000 with two sureties in like sum.
He was remanded in prison pending when he will perfect his bail condition.
The matter was adjourned till 14 November 2016.
When our correspondent contacted Adetola, he denied diverting the association money to personal use as claimed by the police.
He confirmed that many members withdrew their membership and it affected the in flow of money and the management was unable to pay them at the same time.
He declined to say what happened to the money they contributed over the years and assured that they will be paid in due time.