AN240m trading deal between two Lagos-based friends has become a court case.
One of them, 49-year-old man, Ben Iheanachor, who allegedly defrauded the friend of N240 million, on Friday appeared before an Ikeja Chief Magistrates’ Court in Lagos.
The defendant, who resides at No. 17, Industrial Road, Apapa, Lagos, is standing trial on a five-count charge of fraud, obtaining by false pretence, stealing, conspiracy and breach of peace.
He, however, pleaded not guilty to the charges.
The prosecutor, ASP Adegoke Ademigbuji, told the court that the defendant committed the offences between April 2024 and April 2025 at Apapa Port in Lagos.
He alleged that the defendant obtained four 40-foot containers loaded with goods valued at N240 million, belonging to the complainant, Mr Jude Nwanowi, on the false pretence of selling them and remitting the money.
According to the prosecutor, the defendant failed to remit the money into the complainant’s account, and all efforts to recover the funds proved unsuccessful.
The goods included cars, electronics, mobile phones, car tyres, printing machines, laptops and welding machines.
Others were cartons of foreign wine, ladies’ wear, car wash machines and car radiators, all valued at N240 million.
He said the offences contravened Sections 287, 314, 315 and 411 of the Criminal Law of Lagos State, 2015.
The Chief Magistrate, Mr O.A. Odubayo, granted the defendant bail in the sum of N2 million with two sureties in like sum.
Odubayo adjourned the case until Dec. 17 for mention.
