A 42-year-old man, Afam Agbo, was on Wednesday charged before a Federal High Court in Lagos, over alleged N150 million fraud and forgery.
He was arraigned alongside his company, Konkom Telecom Ltd, on a three-count charge, bordering on conspiracy, fraud and forgery.
The defendant appeared before Justice Sule Hassan on the charges brought against him by the Special Fraud Unit (SFU) of the Police Force.
The Prosecutor, Mr Chukwu Agwu, said the defendant and his company, alongside others who were at large committed the offences between 2012 and 2013.
He said that they conspired to fraudulently obtain the sum of N150 million from a bank, under the pretence of using the money to purchase virtual/physical Airtime and E-pin from telecommunication companies, especially MTN.
Agwu said that in obtaining the said sum from the bank, the defendants forged a land title documents belonging to one Don S. A. which they used as security for repaying the money without the consent of the owner.
The offences contravene the provisions of Sections 53, 1 (1) (b)(c) (3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The defendant pleaded not guilty to the charge.
Following the plea, Defence Counsel, Mr Enoh Agwuocha informed the court of a bail application filed on his behalf and urged the court to grant him bail on liberal terms.
In his ruling, Justice Hassan granted bail to the defendant in the sum of N20 million with two sureties in like sum.
In addition, the judge, ordered that the two sureties must be landed property owners within the jurisdiction of the court or civil servants with the Federal or State Government, not below grade level 14.
He also ordered that all documents must be verified by the prosecution and adjourned the case until June 19, for commencement of trial.