Court remands medical doctor over alleged fraudulent conversion of N13.5m

An Ikeja High Court on Tuesday ordered that a 62-year-old medical doctor, Obinna Monagor, be remanded in prison over alleged fraudulent conversion of N13.5 million.

Justice Oluwatoyin Ipaye ordered the remand of the accused after he was arraigned by the EFCC on a one-count charge of stealing by fraudulent conversion.

Monago, who lives at D1, Alhaji Masha Road, Surulere, Lagos, would remain in prison pending the perfection of the N5 million bail condition granted him by the court.

The EFCC counsel, Mr Ademola Omeiza, said Monagor had sometime in 2010 approached the complainant, Mr Godwin Achi, that he had a three-storey edifice for sale.

Omeiza said that the property, located at No.7, Tade Aromolate Close, William Estate, Surulere, Lagos, was offered to the complainant for N150 million.

He said that the complainant paid a first instalment, but could not pay the balance following inability to obtain a credit facility from his bank.

The EFCC counsel said Achi finally got the loan in 2012, but discovered that the said property had been by sold to another party, Edscob Suites.

The prosecutor said that following the development, the complainant demanded the refund of his initial deposit from Monagor.

He said that the refusal of the defendant to pay back the money after one year of selling the property prompted Achi to petition the EFCC.

Omeiza said that investigation into the matter by the commission consequently led to Monagor’s arrest and the ongoing prosecution.

According to him, the defendant’s action contravenes Sections 390 (8) (b) and (9) of the Criminal Code Laws of Lagos State of Nigeria, 2003.

NAN reports that the offence of stealing by fraudulent conversion attracts a maximum of three years imprisonment if a defendant is convicted.
Monagor, however, pleaded not guilty to the charge.

Ruling on the bail application filed by his counsel, Dr Muiz Banire, the judge granted the defendant bail in the sum of N5 million with two sureties in like sum.

The judge directed that one of the sureties must be a blood relative while both should produce evidence of three years tax clearance payment to the Lagos State Government.

She adjourned the matter to June 24 for trial.