Sales Manager Imprisoned For Defrauding Employer Of N35m

The Nigeria Police at the Zone 2 Command, Onikan, Lagos have arrested Ifeanyi Ogbugo, 46, a Sales Manager with Magnum Merchandise Limited located at Aspanda Market, Trade Fair Complex, Ojo, Lagos.

Following his arrest, Ifeanyi was dragged before a Lagos Magistrate’s court for allegedly defrauding his employer, Mr. Magnum Ibe, the Managing Director of Magnum Merchandise Limited, of the sum of N35 million.

Police claimed that the defendant, as a sales manager, sold all the goods in his employer’s shop and transferred the revenues to his own use rather than depositing the funds into his employer’s account.

Following an investigation by Inspector Jaspa Oparaji and his crew, Ogbugo was charged with two counts of conspiracy and theft in the Tinubu Magistrate’s Court in Lagos Island.

Police prosecuting counsel, ASP Francis Igbinosa told the court in the charge marked B/4/2024 that “the defendant committed the offence on 23 August 2023 at Aspanda market, Trade Fair Complex, Ojo, Lagos.”

Igbinosa told the court that “the defendant betrayed the trust reposed in him by his employer as a sales manager, sold his goods valued at N35m entrusted in his care and allegedly converted the proceeds to his use instead of remitting the money into his employer’s account.”

He said “the offences committed were punishable under Sections 411 and 280 (1) (b) of the Criminal Law of Lagos State 2015.”

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The defendant, however, pleaded not guilty to the accusations, and Magistrate B. A. Sonuga granted him N2 million bail with two sureties in the same amount.

Sonuga adjourned the case until 28 February 2024 for mention and ordered that the defendant be detained at the Ikoyi Correctional Facility until the bail requirements are met.