Presiding Magistrate of an Igbosere High court, Lagos, Mrs A. O. Awogboro admitted Fadare on bail in the sum of N5m with two sureties in like sum. The court also ordered that the sureties must provide evidence of tax payments for three years while the matter was adjourned till 3 February, 2016.
Fadare had been charged with fraud under the Criminal Code before Igbosere Magistrates’ court by the Special Fraud Unit, SFU after he was arrested by police from his hideout.
According to police, Fadare allegedly conspired with Adeola Ajidahun and defrauded one, Kehinde Ola to the tune of N30m under the false pretence of selling some plots of land at the Lekki Re-setlement Schemes in Eti-Osa Local Government in Lagos. Unknown to Ola, the land sold to him belonged to another family in the area.
Reports also gathered that Ola was not the only person Ajidahun and Fadare allegedly defrauded over the land. Another victim, Tony Ezeoke, also lost over N10 million on the same land.
Fadare was arrested last week and charged to court with conspiracy, obtaining under false pretense and stealing under the Criminal Code.