A Magistrate’s Court sitting in Ikeja has granted bail to Macdonald Ekeada, a well-known businessman in Lagos State, who was arraigned over a N6.4 million fraud charge.
Ekeada, who pleaded not guilty to the charges, was granted bail in the sum of N5 million, with two sureties in like sum, by Magistrate L.A. Owolabi.
The bail conditions stipulate that the sureties must be gainfully employed and present evidence of tax payment to the Lagos State Government.
The businessman, who resides on Lantana Avenue, Ikota GRA, Lekki, is facing a two-count charge of obtaining money by false pretenses and stealing.
During the arraignment, the prosecuting counsel, Josephine Ikhayere, told the court that the defendant committed the offences on August 14, 2024, at Causeway, Ijora area of Lagos.
Ikhayere alleged that the defendant fraudulently obtained N64,225,000 from Omni Rentals Technology under the supervision of Mr. Israel Adeyemi.
The prosecutor said Ekeada received the funds as a business loan, with a promise to repay at an agreed date.
She further alleged that the defendant failed to return the money as promised and instead converted it to his personal use.
According to the prosecution, the offences contravened Sections 286 and 314(3) of the Criminal Law of Lagos State, 2015.
Magistrate Owolabi, in granting bail, emphasized the need for the sureties to meet the court’s requirements and adjourned the case until June 16 for hearing.
In a related development, a 42-year-old sales representative, Surajudeen Lawal, was granted N400,000 bail after being arraigned for allegedly stealing a Bajaj motorcycle valued at N1.2 million.
Chief Magistrate Patrick Adekomaiya granted Lawal bail with conditions requiring two sureties, one of whom must be gainfully employed.
Earlier, the prosecuting counsel, Inspector Ayodele Adeosun, told the court that the defendant committed the offence on May 17, around 11:00 a.m., at Clemos Tech Ltd., Abudu Complex, Oko-Afo, Badagry area of Lagos.
Adeosun alleged that the defendant, a sales representative at the company, sold one Bajaj motorcycle worth N1,200,000—property of the complainant, Clement Ogunfododo—and converted the proceeds to his personal use.
“The defendant could not account for the money when asked to deposit it into the company’s account. He was subsequently arrested and handed over to the police for interrogation and prosecution,” Adeosun said.
The offence, according to the prosecution, contravened Section 287 of the Criminal Law of Lagos State, 2015.
