The Managing Director of Saphire Scents Limited, Adewale Aladejana, was charged by the Economic and Financial Crimes Commission, or EFCC, on Tuesday with acquiring N12 million through deception.
Aladejana was docked before trial Justice M. A Madugu of a High Court of the Federal Capital Territory, FCT, at Bwari, Abuja, on a three-count charge, according to the anti-graft agency in a statement made available to Okay.ng.
According to the defense, the accusation had elements of misappropriation and gaining illegally.
The agency claimed that the defendant solicited N12 million from potential investors in his business on the promise of a return in six months, but failed to offer any profit or reimburse investors for their investments.
After the charge was read to the defendant in open court, he entered a plea of not guilty while his attorney, Eyitayo Fatogun, sought the defendant’s release on bail while the case was being heard and decided.
Although the Defendant’s motion for bail was opposed by the EFCC through its attorney, Mr. S. A. Ugwuegbulam, Justice Madugu ultimately allowed the application.
The defendant was granted bail by Justice Madugu in the amount of N4m with two sureties in the same amount.
He mandated that one of the sureties must be a civil official with a grade level not lower than 7, who is also the owner of land that is subject to the court’s jurisdiction.
A valid form of identity as well as a recent passport photo were also required of both sureties.
Justice Madugu then postponed the case’s trial until November 21.
