A 36-year-old trader, Titus Ishaya, has been arraigned before an Akure Magistrate’s Court in Ondo State for allegedly defrauding two business partners of N10.12 million and threatening to kill them after they demanded either the delivery of goods or a refund of their money.
The defendant, who resides in Kanfasha, is facing a three-count charge of obtaining money by false pretence, stealing and criminal intimidation.
During the proceedings, the prosecutor, Inspector Nelson Akintimehin, told the court that Ishaya allegedly collected N10,120,000 from Engineer Emmanuel Olamide Bakare and Alfred Monday in March 2026 to facilitate a business transaction.
The prosecution alleged that the funds were paid into the defendant’s First Bank account with the understanding that they would be used for the agreed business deal. However, rather than executing the transaction, Ishaya allegedly diverted the money for personal use.
The court also heard that when the complainants repeatedly demanded either the goods they had paid for or a refund of the money, the defendant allegedly threatened to kill them through phone calls and text messages.
According to the prosecution, the alleged offences contravene Sections 383, 390(9), 434 and 323 of the Criminal Code, Cap. 37, Volume I, Laws of Ondo State, 2006.
The defendant pleaded not guilty to all three counts.
Following an application by the prosecution seeking time to assemble its witnesses, the court adjourned further proceedings.
Counsel to the defendant, Henry Orisamuyiti, thereafter urged the court to admit his client to bail.
In a ruling, Magistrate Adedapo granted Ishaya bail in the sum of N2.5 million with two sureties in like sum.
The court ordered that the sureties must provide evidence of ownership of landed property in a good location within Akure, present valid National Identity Cards and submit current tax clearance certificates. The magistrate also directed the police to verify the residential addresses of the sureties before the bail conditions could be perfected.
As an alternative to the property requirement, the court ruled that the sureties may deposit N2 million as collateral into the Judiciary account.
Pending the fulfilment of the bail conditions, the defendant was remanded in police custody.
The matter was adjourned until August 3, 2026, for hearing.
