BUSINESSMAN CHARGED FOR FRAUD

Adewale, a businessman, has been charged with N12 million fraud

Adewale Aladejana, an Abuja-based businessman, has been charged with N12 million fraud by the Economic and Financial Crimes Commission (EFCC).

Adewale, the Managing Director of Sapphire Scents Limited, was arraigned on three counts of misappropriation and obtaining under false pretence on Tuesday, October 4, before Justice M. A Madugu of the Federal High Court sitting in Bwari, Abuja.

"Specifically, he allegedly collected the sum of N12 million from potential investors in his company, with a promise of turnover in six months, without offering any profit or returning the invested funds to his investors," the EFCC said in a statement on Friday.