Businessman docked for allegedly misappropriating N2.5m agric loan

A businessman, Jeremiah Oladokun, was on Wednesday docked in a Kado Grade I Area Court, Abuja, for allegedly misappropriatng N2.5 million agriculture loan.

The police charged Oladokun, 46, with criminal misappropriation.

The defendant, however, pleaded not guilty to the charge.

The Prosecution Counsel, Mr Stanley Nwafoaku, told the court that on May 18, at about 4:30 p.m., Mr Charlse Adoghe reported the matter at Wuse divisional police headquarters.

Nwafoaku alleged that the complainant asked the defendant to train him on how to access agricultural loan through the Central Bank of Nigeria (CBN).

He said that on April 21 2022, the CBN approved the loan and disbursed the sum of N2.5 million to the defendant.

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 denied committing the alleged crime during police interrogation saying the offence contravene 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.