Police in Lagos on Friday arraigned the deputy manager of the Ghanaian branch of an older generation bank, Chibuike Kenneth, in the Federal High Court for alleged fraud of N396.9 million.

Kenneth was moored before Judge Akintayo Aluko by men from the Police Special Fraud Unit (PSFU) on six counts of conspiracy, fraud and money laundering.

Police prosecutor Ikechukwu Iredia had informed the court that the defendant committed the offenses in May 2022, alongside others currently at large.

Iredia also alleged that the defendant fraudulently obtained the said sum from an Oladipo Okuntola, who trades under the name and style of Aqua 10 Nigeria Limited, with the pretense of converting Naira into US dollars.

The prosecutor claimed that the defendant converted the said amount for his personal use instead of fulfilling his end of the bargain.

Iredia further told the court that the offenses violated Section 8(a) and are punishable under Sections 1(3), (a) and 2(1), (a) of Law No. 14 on advance fee fraud and other fraud-related offences. from 2006.

He also argued that the money laundering offense is contrary to section 15(2)(b) of the Money Laundering Act (Prohibition Act 2012) as amended.

The accused, however, pleaded not guilty to the charge.

Following developments, defense attorney Ademola Olabiyi urged the court to grant his client bail on the most liberal terms.

In his decision, Judge Aluko granted the defendant bail in the amount of 50 million naira with two bail bonds of a similar amount.

Judge Aluko ordered that one of the sureties be a landowner within the jurisdiction of the court, while the second surety be a level 12 civil servant or a businessman with an account balance of 100 million naira.

The judge then adjourned the case until February 23, 2023, for the start of the trial, while the defendant is to be remanded in custody until he achieves bail conditions.