Woman remanded in prison for allegedly stealing $1million in Lagos

An Ikeja High Court in Lagos State, on Friday remanded a 35-year-old businesswoman, Folake Kowo, in Kirikiri Female Prison, Lagos, over an alleged ($1million) N156 million theft.

Kowo was remanded in custody after she was arraigned on a seven-count charge bordering on stealing and issuance of dud cheque.

The accused, who resides at 11, Olutedo Street, Adura, Agbado, Lagos, was charged to court by the Economic and Financial Crimes Commission.

According to the EFCC prosecutor, Francis Usani, the accused had conspired with one Victor Kowo, now at large, to commit the offence.

Usani said Kowo had between June 2011 and January, 2013 in Lagos sold 200 cartons of frozen fish valued at N156 million on behalf of Time Unicorn Limited.
He alleged that Kowo diverted the proceeds of the sales to her personal use instead of remitting same to the company.


 
The prosecutor further alleged that the accused issued four Oceanic Bank cheques in favour of Time Unicorn Limited and Premium Seafood Limited, for the payment of a total sum of N20.8 million.

According to him, the cheques were dishonoured when they were presented due to insufficient funds in the credit of her account.

Usani said Kowo’s offence contravened Section 390 of the Criminal Code, Laws of Lagos State of Nigeria, 2003.
He said it also contravened Section 1(1)(a) of the Dishonoured Cheques (Offences) Act, Cap D11, Laws of Federation of Nigeria, 2004.

The offence of stealing attracts between seven and 20 years imprisonment, if the accused is found guilty.

Kowo, however, pleaded not guilty to the charges.

Justice Lateefat Okunnu ordered the accused to be remanded in prison custody, pending the hearing of her bail application fixed for June 10.

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