Man, 26, Arraigned For Allegedly Swindling Empire Trust Microfinance Bank Of N10m Via Loan
Posted on May 11, 2026
MICHAEL AKINOLA
A 26-year old man, Okonkwo Chinonso, has been arraigned before a Lagos Magistrate Court for allegedly obtaining money under false pretence, issuing a dud cheque, and selling a mortgaged property linked to a N10m loan collected from Empire Trust Microfinance Bank.
P.M.EXPRESS reports that the incident happened on 19th May, 2025, at Empire Trust Microfinance Bank Limited located at Oba Akran Avenue, Ikeja, Lagos.
The matter was reported to the Police and is being handled by the Directorate of Public Prosecutions, Lagos State.
He was charged before the Ogba Magistrate Court for the alleged offence which attracts several years of imprisonment.
In Count One, the prosecution alleged that Okonkwo fraudulently obtained N10,000,000 from Empire Trust Microfinance Bank Limited under the pretence of investing it in his business, knowing the representation to be false. The offence is said to contravene and be punishable under Section 315 of the Criminal Law of Lagos State, 2015.
Count Two accused the defendant of issuing an FCMB Bank cheque with serial number 16122949 for N10,000,000 dated 19th May, 2025 in favour of Empire Trust Microfinance Bank Limited. The prosecution said that the cheque was returned unpaid due to insufficient funds when presented.
The prosecution stated that issuing the cheque under those circumstances constituted an offence under Section 321(b) of the Criminal Law of Lagos State, 2015.
Count Three alleged that Okonkwo sold off the mortgaged property used to secure the N10 million loan without the consent of the bank. The prosecution said that this contravened and is punishable under Section 294(1) of the Criminal Law of Lagos State, 2015.
However, the defendant pleaded not guilty.
The prosecutor, Supol Philip Ademigbuji, asked the Court to give a date for hearing since he pleaded not guilty to enable the Police to prove that he actually committed the alleged offence.
The Presiding Magistrate, Mrs. O. Kusanu, granted him bail with two sureties, who must show evidence of means of livelihood and tax payment while addresses will be verified by the Court.
The matter was adjourned for mention while the defendant was remanded in custody at the correctional center at Kirikiri town, Lagos, pending when he will perfect his bail conditions.
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