In a legal saga unfolding at a Federal High Court in Lagos, businessman Lanre Smith, accused of involvement in a $26,000 fraud case, has been granted bail in the sum of N30 million. The case, which commenced on January 30 before Justice Ibrahim Kala, charged Smith with conspiracy, money laundering, and fraud, in a three-count indictment.
Despite pleading not guilty to the charges, Smith’s bail application was deliberated upon by Justice Kala, who decreed that he must produce two sureties of equal value. Notably, one surety is required to hold a position of grade level 14 in a government entity, while the other must possess landed property within the court’s jurisdiction.
The court session, marked by legal maneuvers, adjourned the case until March 24, setting the stage for a trial that promises to unveil the intricacies of the alleged financial misdeeds. The allegations brought forth by the Force Criminal Investigation Department of the Nigerian Police suggest that Smith orchestrated an unlawful financial transaction, coaxing American citizen Lindy Drake to deposit $26,000 into a US Well Fargo account under the guise of Wilok Ltd.
Furthermore, the prosecution contends that Smith, through deception, procured N10.1 million, falsely claiming to have completed the aforementioned transaction. These actions, if proven, are said to contravene Sections 1(1)(a), 7, and 7(2)(b) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006, constituting a serious breach of financial regulations.
