Contractor charged with N75m bank renovation fraud

A contractor, Ajayi Sheriff Alade, who allegedly forged government revenue documents and fraudulently obtained N75,255,526.51 from Ecobank Nigeria Limited for a renovation project, was on Monday brought before an Igbosere Magistrates’ Court in Lagos.

Alade, 38, a consultant to Tamora Global Ventures at Iyana Ipaja, Lagos, was arraigned on a four-count charge of conspiracy, forgery, obtaining and stealing preferred against him by the police.

Prosecuting Inspector Abass Abayomi told Magistrate T. B. Are that Alade and his accomplices, who are on the run, committed the offences in May, last year, at the bank’s Victoria Island, Lagos head office.

Abayomi alleged that the defendant, a principal partner to Tamora Global Ventures, with his accomplices, forged Lagos State renovation permits, purported to have been obtained from the Lagos State Physical Planning Permit Authority, for the renovation of 10 Ecobank branches.

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The court heard that Alade allegedly obtained the N75,255,526.51 from Ecobank via a manager’s cheques for the renovation work but converted the money for another purpose.

According to the prosecutor, the offences contraven sections 411,314, 365 and 287 of the Criminal Law of Lagos State, 2015.

Alade pleaded not guilty.

Magistrate Are granted him N1 million bail, with two sureties in the like sum.

She adjourned further proceedings till July 7.