Lagos Court Sets N10m Bail for Businessman Over Alleged N7m Fraud

N10m Bail for Businessman Accused of N7m Fraud in Lagos

“My Lord, as we leave the bail to the discretion of the court, I just want...”

A Lagos court grants N10 million bail to a businessman Kenneth Ugwu accused of defrauding Cosmos Ugwuanyi of N7 million.

Businessman Kenneth Ugwu has been granted bail by the Federal High Court in Lagos in connection with a N7 million fraud case. The bail was set at N10 million, with Justice Mohammed Kala requiring two sureties to provide the same amount.

Ugwu faces two charges: alleged stealing and obtaining funds by false pretenses. According to the allegations, he deceived Cosmos Ugwuanyi into handing over N7 million under the false claim that he was an importer of curtain materials.

Bail Conditions:

• Bail Amount: N10 million
• Number of Sureties: 2
• Surety Requirements: Each surety must provide the same amount (N10 million)

Charges Against Kenneth Ugwu:

• Alleged Stealing
• Obtaining Funds by False Pretenses

During a previous hearing, Police Prosecutor Nosa Uhumwangho requested that the court read the two-count charge to Ugwu, who pleaded not guilty.

The alleged offenses, committed on September 7, 2022, fall under Section 1 of the Advance Fee Fraud and Other Related Offenses Act 2006 and Sections 390 (8)(c) and (9) of the Criminal Code, Cap C38, Laws of the Federation of Nigeria, 2004 (as amended).

Following Ugwu's plea, the prosecution sought a trial date and requested that Ugwu be remanded in a Nigerian Correctional Service facility. However, Ugwu's defense counsel filed a bail application, assuring the court of Ugwu's intention to attend the trial and not flee.

In opposition, the prosecution argued that Ugwu's family resides in Canada and that he allegedly planned to leave the country. Despite this, Justice Mohammed Kala granted Ugwu bail with two sureties in the sum of N10 million.

“My Lord, as we leave the bail to the discretion of the court, I just want to bring it to your attention that as we speak, the defendant has already concluded to leave the country,” he said.

“As we speak his family is in Canada, that's why I wanted to file a counter.”

Justice Mohammed Kala set stringent bail conditions for Kenneth Ugwu, requiring two sureties.

The first surety must be a civil servant:

• Residing within the court's jurisdiction
• Holding a position of Grade Level 13 or higher

The second surety must:

• Own landed property within the court's jurisdiction
• Provide valid proof of ownership

Additional requirements:

Both sureties must submit two recent passport photographs each

All claims will be verified by the court registrar

The trial has been adjourned until October 29, 2024.