Police arraigns forex trader over N221m theft

Temitope Badmus, a forex trader, has been charged by the police with stealing N221.6 million from six investors.

According to information obtained by our correspondent, the 36-year-old allegedly obtained the complainants' money under the pretense of using it to trade on a forex online trading platform.

On six counts of theft, Badmus was charged before Magistrate A.O. Salawu.

Godwin Oriabure, the prosecutor, stated in a brief for J. Ebosereme, the prosecution's attorney, that the offenses violated Section 280 and were punishable by Section 287 (9) of the Lagos State Criminal Law of Nigeria from 2015.

The charges read in part, “That you, Temitope Badmus, from February 2022 to September 2022 at No 2, Taiwo Close, Surulere, Lagos, in the Lagos Magisterial District, did receive and stole by fraudulent conversion to your use the sum of 93,300,000 that was meant for you to trade with on Forex Online trading platform, property of one Oladimeji Akolade, thereby committing an offence.”

The accused entered a not-guilty plea to the accusations.

The defendant was granted bail by Magistrate Salawu in the amount of N3m with two dependable sureties in the same amount who had to own real estate in Lagos State.