MD charged with stealing N55m from cooperative society

– A 36-year-old man has been arraigned before Igbosere Magistrates’ Court, Lagos for allegedly stealing the sum of N55m

– He was arraigned on a three-count charge of felony to wit, forgery and stealing

– The accused pleaded not guilty to the charges

Federick Aikhaituanen, 36, the managing director of QC Investment Limited, located at Oyemekun area of College road, Agege, Lagos, has been arraigned before Igbosere Magistrates’ Court, Lagos for allegedly stealing the sum of N55m belonging to Zero Interest Multipurpose Cooperative Society.

The accused was arrested by operatives of the X Squad of the Federal Investigation Department (FCID) Alagbon close, Ikoyi, Lagos and arraigned on a three-count charge of felony to wit, forgery and stealing.

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ASP Henry Obiazi, the police prosecutor, told the court that the accused committed the offence in October 2014 and 12 January, 2015 at Ikeja, Lagos.

Obiazi said the accused forged the signature of Ola Majiyagbe and used it to withdrew the sum of N55m belonging to Zero Interest Multi-purpose Cooperative Society domiciled at a new generation bank without authorisation and converted the money to his personal use.

Obiazi said the offences the accused committed are punishable under sections 409, 285(9)(b) and 363(1) of the criminal Laws of Lagos State, 2011.

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However, Aikhaituanen pleaded not guilty, the Chief Magistrate Mrs A. O. Sholadoye admitted him to bail in the sum of N2m with two sureties in like sum.

Sholadoye adjourned the case till Friday, April 22, for mention.

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