A businessman, Jeremiah Oladokun, was docked in a Kado Grade I Area Court, Abuja on Wednesday for allegedly misappropriating N2.5 million agriculture loan.
The defendant, Oladokun, 46, who pleaded not guilty, was charged with criminal misappropriation.
The Prosecution Counsel, Mr Stanley Nwafoaku, told the court that on May 18, at about 4:30 p.m., Mr Charlse Adoghe reported the issue at Wuse divisional police headquarters.
Nwafoaku, while arguing in the court, alleged that the complainant asked the defendant to train him on how to access agricultural loans through the Central Bank of Nigeria (CBN).
He stated that on April 21 2022, the CBN approved the loan and disbursed the sum of N2.5 million to the defendant.
Corroborating the prosecutor’s claims, the police said the defendant diverted the money for his personal use and refused to give the complainant neither the money nor procure equipment for him for the business as directed by the CBN.
Nwafoaku said the defendant however denied committing the alleged crime during police interrogation, adding that the offence contravenes the provision of Sections 309 of the Penal Code Law.
The Defence Counsel, Mr Simon Cornelius, made an oral bail application citing Section 36 of the 1999 Constitution (as amended) and Section 158 of Administration of Criminal Justice Act (ACJA), 2015, assuring that the defendant’s would not jump bail, if granted.
The Judge, Mr Muhammed Wakili, admitted the defendant to bail in the sum of N1 million and one surety in like sum.
Wakili ordered that the surety must provide a BVN print out, recent passport photograph and a valid identification card, which must be verified by the court registrar.
The judge adjourned the matter until June 21, for hearing.
The post Abuja Court Docks Businessman for Allegedly Misappropriating N2.5m Agric Loan first appeared on AgroNigeria.
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