A 31-year-old businessman, Ibrahim Suleiman Musa, has been arraigned before an Abuja magistrates’ court for misappropriating N10 million under the pretext of executing a contract.
The prosecutor, A. S. Oyeyemi Esq, told the court that one Mr Ernest Kamakolan of Dignity Finance and Investment Ltd, on August 4, filed a complaint before the FCT police that the defendant was authorised by the directors of Archmism International Ltd through a board resolution to apply for a loan of N10m from Dignity Finance and Investment Ltd.
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Oyeyemi said the accused told the complainant that he needed the money to execute a contract he was awarded to remodel the White House Block of the Electrical and Electronics Engineering Department of the Federal Polytechnic, Bauchi, and that the amount was duly disbursed into the defendant’s Taj Bank account which he converted same for his personal use.
The defendant pleaded not guilty.
The Magistrate, Mukhtar Abubakar, granted him bail in the sum of N500,000 with a surety in like sum and adjourned to September 20.
