Police Charge Businessman For Issuing N10M Dud Cheques To NDIC
The arraignment of an Oyo State-based businessman Francis Olushola Alao, who was charged before a Federal High Court, Lagos, for allegedly issuing dud cheques of N10 million, to the National Deposit Insurance Corporation (NDIC), was today, adjourned till December 6.
Alao, who is also a socialite alongside his company, Tarlac International Limited, were charged before Justice N. Ayo Emmanuel by men of the Special Fraud Unit (SFU) of the Nigeria Police Force, on one count charge bordering on the alleged offence.
In the charge marked FHC/L132c/18, it was alleged that the socialite, his company and wife, Adedoyin Olushola Elizabeth, who is said to be at large, had on July 31, 2016, in an attempt to pay parts of the sum of N56 million allegedly owned NIDC, issued a First Bank Plc cheque with number 02310564 dated July 31, 2016, to the Corporation.
The offence according to the prosecutor, Mr. Nosa Watson Uhumwagho, is contrary to and punishable under section 1(1), (b) (i), of the Dishonoured cheques (offences) Act, 2004.
At the resumed hearing of the matter today, neither the socialite nor his lawyer was in court.
Consequently, the prosecutor, pleaded with the court for more adjournments, to enable the police arrest the defendant and bring him before the court.
Following the application by the prosecutor, Justice Emmanuel, adjourned the matter till December 6, 2018, for the arraignment of the socialite.
The charge against the defendant reads, “That you, Francis Olusola Alao ‘M’, being a Director in Tarlac International Limited, in connivance of Tralac International limited and Adedoyin Olushola Elizabeth, a Director in Tarlac International Limited (now at large), on 31st day of July, 2016, in Lagos, within the Jurisdiction of this Honourable Court, did issue First Bank cheque No. 02310564 dated 31/07/2016 for the sum of N10,000,000.00 ( Ten Million Naira ) in favour of Nigeria Deposit Insurance Corporation, NDIC, and when presented for payment, it was dishonoured on the ground that there was no fund or Insufficient fund standing to the credit of the account on which the cheque was
drawn and thereby committed an offence punishable under Section 1(1), (b) (i), of the Dishonoured cheques (offences) Act, 2004”.