Court remands Kaduna businessman over N20m dud cheques

A Kaduna State High Court has ordered the remand of a businessman, Vincent Timothy, in correctional custody over alleged issuance of dud cheques amounting to N20 million.

The trial judge, Darius Khobo, gave the order on Monday after the defendant pleaded not guilty to the charge brought against him by the Economic and Financial Crimes Commission (EFCC).

The court directed that the defendant remain in custody pending a ruling on his bail application and adjourned the case until May 12 for that purpose.

Earlier, EFCC counsel, E.K. Garba, told the court that the defendant obtained a N20 million loan from Aires Financial Services Limited in January, with an agreement to repay at a later date.

According to the prosecution, Timothy subsequently issued five cheques worth N4 million each, which were all dishonoured due to insufficient funds in his account.

In response, defence counsel, A.M. Sunday, urged the court to grant bail, noting that the defendant had voluntarily honoured an invitation by the EFCC on April 3.

The case will continue after the court delivers its ruling on the bail application.