Project manager in court for allegedly stealing $1m (about N378m)

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THE police on Wednesday arraigned a 42-year-old project manager,  Joseph Olowe, in an Igbosere Magistrates’ Court in Lagos, for allegedly stealing his employer’s equipment worth one million U.S. dollars (about N378 million).

The police charged Olowe, whose residential address was not given, with two counts of conspiracy and theft.

The Prosecution Counsel, Mr Moruf Animashaun, told the court that the defendant and others, at large, committed the alleged offence in 2015, at the Lagos State Housing Project in Ilubiri, Ikoyi, Lagos.

He said that the defendant stole equipment which included a Banut hydraulic rig, 600 pile driver Banut and six tonner hammer all valued at one million U.S. dollars, belonging to Howard Roark Construction Company Ltd.

Animashaun alleged that the defendant sold the stolen equipment and converted the money realised from the sales to his personal use.

The offence, he said, contravened the provisions of sections 287 and 411 of the Criminal Law of Lagos State, 2015.

The defendant pleaded not guilty to the charge preferred against him by the police.

Counsel to the defendant, Ms D.A. Oyekun, prayed the court to grant her client bail in the most liberal terms.

In her ruling, Magistrate K.K. Awoyinka, admitted the defendant to bail in the sum of N500, 000 with two sureties in like sum.

She ordered that one of the sureties must be a blood relative of the defendant while the other surety must be a business owner whose company must be registered in Lagos State.

She also ordered that the sureties must show evidence of one year tax payment to the Lagos State Government and the sureties must provide their bank statements with a minimum balance of N1 million.

Magistrate Awoyinka adjourned the case until Sept. 2 for mention.

NAN

AUG 21, 2019 @16:05 GMT |

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