An Ibadan-based trader, Esther Binuyo, 47, on Monday, appeared before an Iyaganku Chief Magistrates’ Court in Ibadan over alleged N13,795,592:00 fraud.
Binuyo of Oke – Ado area, Ibadan, was arraigned on two counts of fraud and stealing, to which she pleaded not guilty.
The Prosecutor, W/PC Olapeju Durodola, alleged that the defendant on Dec. 10, 2024, fraudulently obtained N13, 795, 592 from one Oluwakemisola Gbadebo on pretext of investing the money on a business.
The Prosecutor said the offence was committed at Oke – Ado area, Ibadan.
Durodola alleged that the complainant Gbadebo borrowed N2 million loan from Fair money, a Fintech institution, for the defendant in 2024, which she refused to repay, while the loan app interest kept increasing daily.
She said, “Gbadebo then borrowed money from different online banks to offset the loan, while the defendant absconded to Lagos.”
Durodola also alleged that the defendant stole the money from Gbadebo and converted the money to her own use.
The offences, the prosecutor said, contravened the provisions of Section 383 and punishable under Section 390 (9) and 419 of the Criminal Code Laws of Oyo State 2000.
The Defence Counsel, Mr Ola Olaniyi asked for the defendant’s bail in most liberal terms.
The Chief Magistrate, Mrs Olabisi Ogunkanmi admitted the defendant to N7.5 million bail and with two sureties in like sum.
Ogunkami said one of the sureties must be defendant’s blood relative , while the second surety must be business owner registered with CAC within jurisdiction .
She, thereafter, adjourned the matter until April 8, for hearing.
