A 36-year-old trader, Titus Ishaya, has been arraigned before a Magistrate’s Court in Akure, Ondo State, over allegations of defrauding his business partners of N10.12 million and threatening to kill them after they demanded a refund.
Ishaya, who resides in Kanfasha, is facing a three-count charge bordering on obtaining by false pretence, stealing and criminal intimidation.
The prosecutor, Inspector Nelson Akintimehin, told the court that the defendant allegedly received N10,120,000 from Engineer Emmanuel Olamide Bakare and Alfred Monday in March 2026 for a business transaction.
According to the prosecution, the money was transferred into the defendant’s First Bank account, but he allegedly converted the funds to personal use instead of carrying out the agreed transaction.
The police further alleged that when the complainants demanded either the goods or a refund of their money, Ishaya threatened their lives through phone calls and text messages.
The offences are said to contravene Sections 383, 390(9), 434 and 323 of the Criminal Code, Cap. 37, Vol. I, Laws of Ondo State, 2006.
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The defendant, however, pleaded not guilty to all three counts.
Following an application by the prosecution, the matter was adjourned to allow the police assemble their witnesses.
Defence counsel, Henry Orisamuyiti, subsequently urged the court to grant his client bail.
In her ruling, Magistrate Adedapo admitted the defendant to bail in the sum of N2.5 million with two sureties in like sum.
The court directed the sureties to provide evidence of landed property in a good location within Akure, valid National Identity Cards and current tax clearance certificates.
The magistrate also ordered the police to verify the residential addresses of the sureties before the bail conditions could be perfected.
Alternatively, the court ruled that the sureties could deposit N2 million as collateral into the Judiciary account.
The defendant was remanded in police custody pending the fulfilment of the bail conditions.
The case was adjourned until August 3, 2026, for hearing.
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