22-year-old suspect gets bail in N10.7bn fraud case

Joshua Kayode, 22, has been granted bail in the N10.7bn fraud case the police preferred against him in Lagos.

Kayode reportedly duped 170 people whom he lured to invest in a phoney scheme.  A Police prosecutor told the Federal High Court in Lagos that the defendant, who runs Quintessential Investment Company Limited, obtained money under false pretences between July 2020 and March 2021.

He argued that Kayode promised his victims “multiple returns on investment” while taking their money under false pretence. He said the offence was contrary to “Sections 8 and 1 of the Advance Fee Fraud and other Fraud Related Offences Act, 2006,” he stated.

However, Kayode denied the accusations when the plea was read to him. His lawyer, Emeka Okpoko, a senior advocate, urged trial judge Nicholas Oweibo to admit his client to bail.

The judge granted the defendant a N2bn bail with two sureties, each of whom must own a landed property within the court’s jurisdiction and must depose to an affidavit of means.

The two sureties, the judge said, “must deposit two passport photographs with the court’s registrar, along with the defendant’s passport.

The defendant is to be remanded in the Nigerian Correctional Service till he perfects his bail terms.

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