MD in court for N31m fraud

The Managing Director SOSACO Nigeria Limited, Mr. Akinbola Akeem, has been arraigned at Oshodi Magistrate’s Court, Lagos, for allegedly stealing N31m goods belonging to the company.

Also arraigned was his assistant, Mr. Shobowale Yusuf, who was said to have conspired with Akeem and some men at large to perpetrate the crime.

The offence was committed between May 1 and August 2, and was reported to the police by the company’s new supervisor.

Prosecutor Olatunde Kehinde said the offence was punishable under Section 409 of the Criminal Laws of Lagos State.

Specifically, Akeem and Yusuf were accused to have stolen 507 cartons of Gino TP 800gms, 300 cartons of Gino TP (400gms), 512 cartons of Gino TP (2.2kg), 1,500 cartons of Pomo TP (700gms), 300 cartons of Bama Mayonnaise (160z).

They were also alleged to have stolen 508 cartons of Pomo (TP 400gms), 2000 cartons of Gino sachet, 500 cartons of Bama Mayonnaise (160z), 500 cartons of Bama Mayonnaise (80z), and 3150 cartons of Gino sachet all valued at N31m.

The prosecutor said the offence was punishable under Section 285 (7) of the Criminal Laws of Lagos.

The accused pleaded not guilty to the two-count charge against them.

Magistrate Olagbegi Adelabu admitted them to bail in the sum of N100,000 with one surety each.

The case was adjourned till October 25 for further hearing.