A 38-year-old man, Ayeni Morakinyo, on Friday appeared before an Ogudu Magistrates’ Court in Lagos over an alleged N5 million fraud linked to the sale of a Lexus LS460.
Morakinyo, who resides in Iju-Ishaga, is facing a one-count charge of stealing, brought against him by the Nigeria Police, Ogudu Division.
The police prosecutor, Donjour Perezi, told the court that the offence was committed between August 7, 2024, and April 7, 2025, at No. 4, Association Close, Ogudu, Lagos.
According to the prosecutor, the defendant dishonestly converted N5 million to his personal use. The sum was said to be part of the proceeds from the sale of a Lexus LS460 belonging to his friend, one Ikwu Augustine.
Perezi explained that Morakinyo was entrusted with the money to remit to the car owner after selling the vehicle. However, he allegedly failed to remit the full amount, paying only N3 million out of the N8 million realised from the sale, while keeping the remaining N5 million.
The offence allegedly contravenes Section 287(9) of the Criminal Law of Lagos State, 2015.
Morakinyo pleaded not guilty to the charge.
The presiding magistrate, Mrs S.K. Matepo, granted the defendant bail in the sum of N1 million, with two reliable sureties in like sum, and adjourned the case until January 21 for further hearing.