MD in court for ‘defrauding’ clients $94,000

By Tope Musowo


Managing Director of Palilar International Limited, Olawale Ibikunle Talabi, 59, alongside his company, has been arraigned before a Lagos Magistrate Court for allegedly obtaining the sum of USD94,000 from the management of Lead Ore and Copper International Trading Company Limited and allegedly converted the money to his personal use.
Talabi was arrested by the operatives of the Police Special Fraud Unit (SFU), at Milverton Road, Ikoyi, Lagos and arraigned on completion of investigation before an Igbosere Magistrate Court on a two-count charge of felony to wit, conspiracy and obtaining money under false pretence.
The Prosecutor, DSP Agwu Chukwu, informed the court that the accused and others still at large committed the offence in 2013 in Lagos.
Chukwu told the court that the accused, as the Managing Director of Palilar International Limited connived with others still at large and used his company name to collect the sum of USD94,000 from the complainant.
He said Talabi and his company was supposed to use the money to supply the complainant some metric tonnes of Lead Ore, instead the accused converted the money to personal use and failed to supply the materials to the complainant till date.
The accused pleaded not guilty to the charge when it was read to him and his Counsel, Ikechukwu Anima, prayed the court to admit the him to bail on the most liberal terms.
Chief Magistrate A.O Komolafe granted the accused bail in the sum of N10 million with two sureties in like sum, who must show proof of three years tax payment to the Lagos state government and adjourned the case till 28 November 28, for mention.

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