The Managing Director of Palilar International Limited, Olawale Ibikunle Talabi, 59, has been arraigned before a Lagos Magistrate Court for allegedly obtaining the sum of USD94,000 from the management of Lead Ore and Copper International Trading Company Limited and allegedly converted the money to his use.
Also charged with him for the same alleged offence was Palilar International Limited.
The accused was arrested by the Operatives of the Police Special Fraud Unit, PSFU, at Milverton Road, Ikoyi, Lagos and after investigation by Inspector Afisat Abdulmalik and his team, Talabi was arraigned before an Igbosere Magistrate Court, Lagos on a two-count charge of felony to wit. conspiracy and obtaining money under false pretence.
Prosecuting Counsel, DSP Agwu Chukwu informed the Court in charge No C/81A/2017 that the accused and others still at large committed the offence in 2013 in Lagos.
Chukwu told the Court that the accused, as the Managing Director of his Firm connived with others still at large and used his company name to collect the sum of
USD94,000 from the complainant with the agreement to use the money to supply them some metric tonnes of Lead Ore, but that instead, the accused converted the money to his use and failed to supply the materials to the complainant till date.
Chukwu said that the offences the accused committed were punishable under sections 409 and 312 of the Criminal Laws of Lagos State, 2011.
The accused, however, pleaded not guilty to the alleged crime in the open Court and his Counsel, Ikechukwu Anima prayed the Court to admit the defendant to bail on the most liberal terms promising that he would not jump bail.
Chief Magistrate, A.O Komolafe granted the accused bail in the sum of N10 million with two sureties in like sum who must show proof of three years tax payment to the Lagos State Government.
Komolafe adjourned the case till 28 November, 2017 for mention and ordered that the defendant be remanded at the Ikoyi Prison,Lagos till he fulfilled the bail conditions.