Federal High Court grants N15m bail to businessman charged with N25m fraud

The Federal High Court sitting in Lagos on Thursday granted N15 million bail to a businessman, Kennedy Kaycee, charged with N25 million fraud.

The defendant, who is the Managing Director of Virtual Xchange Ltd., is standing trial on a two-count charge bordering on conspiracy and fraud.

Kaycee was arraigned on July 2, by the Police Special Fraud Unit (SFU), Ikoyi, Lagos, but he pleaded not guilty.

Justice Ibrahim Buba had ordered his remand at the Ikoyi Prisons, and adjourned the case for ruling on his bail application.

At the resumed hearing of the case on Thursday, Buba admitted the accused to bail in the sum of N15 million with one surety in like sum.

The judge added that the surety must have a developed landed property in Lagos, and must present evidence of payment of three years tax.

Buba adjourned the case to July 4 for substantive trial.

Earlier, the Prosecutor, Mr Effiong Asuquo of the SFU, told the court that the accused committed the offences sometime in June, 2012.

He told the court that the accused conspired with two others who were still at large to obtain N25 million from Mr Sunny Israel.

The prosecutor said the accused induced Israel to part with the money on the pretext that he would invest it on a joint venture agreement in an Automotive Gasoline Oil (AGO) business.

Asuquo said that Kaycee told the complainant that he would ensure repayment of the capital.

According to the prosecutor, all the representations made by the accused were discovered to be false.

Asuquo said that the accused absconded with the money.

He said that the offences contravened the provisions of Sections 1(1) (a) (3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. (NAN)