A Lagos Special Offences Court, Ikeja, presided over by Justice Mojisola Dada, has ordered the remand of a businessman, Kassim Alim Adeleke, in a correctional facility over alleged issuance of a dud cheque of N60 million.
The judge ordered the remand of the accused after he was arraigned by the Economic and Financial Crimes Commission (EFCC) over the issuance of dud cheques of N10 million in six tranches for repayment of a N60 million loan.
According to EFCC, the defendant took the loan from CFS Financial Services Limited in favour of his company, Liquid Waves Energy Limited.
Adeleke was arraigned alongside the company on a seven-count charge bordering on the issuance of dud cheque and stealing.
EFCC said his offences are contrary to section 278(1), (2) and 285 (1) of the Criminal Law of Lagos State, 2011.
Also, contrary to section 1 (1) of the Dishonoured Cheques (Offences) Act, Cap D111, Laws of the Federation of Nigeria, 2004.
He, however, pleaded not guilty to all the seven-count charges levelled against him.
Subsequently, EFCC counsel, Mr Shamsudeen Saka, prayed the court to remand the defendant in a correctional facility pending determination of the charge.
In response, the defendant’s counsel, Mr Adetokunbo Davies, pleaded that his client’s alleged offence was bailable.
He noted that the defendant voluntarily reported at the Commission on Monday when he was invited.
But EFCC counsel told the court that he needed to reply to the bail application.
Davies, therefore, urged the court to remand his client in EFCC custody pending the determination of his bail.
The court, however, refused his request and ordered that the defendant be remanded in a correctional facility, pending the hearing of his bail application.
Part of the charge read that Kassim Alim Adeleke and Liquid Waves Energy Limited, sometime between January and April 2021 in Lagos, without sufficient funds in Polaris Bank Plc, Account No. 1771786381, issued a cheque No. 43867428 dated July 31, 2019, for the sum of N10,000,000.00 in favour of CFS Financial Services Limited as payment for the loan granted to Liquid Waves Energy Limited,
“Kassim Alim Adeleke and Liquid Waves Energy Limited, sometime between January and April 2021 converted for your use the sum of N60,000,000.00 property of CFS Financial Services Limited.”
