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 of obtaining by false pretence, stealing and criminal intimidation.
Prosecutor Inspector Nelson Akintimehin told the court that the defendant allegedly received N10.12 million from Engineer Emmanuel Olamide Bakare and Alfred Monday in March 2026 for a business transaction.
The prosecution alleged that the funds, paid into the defendant’s First Bank account, were diverted for personal use instead of being used for the agreed business.
Police further claimed that Ishaya threatened the complainants through phone calls and text messages after they demanded either the goods or a refund of their money.
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 charges.
Following an application by the prosecution, the court adjourned the case to enable the police present their witnesses.
Defence counsel Henry Orisamuyiti applied for bail, which Magistrate Adedapo granted in the sum of N2.5 million with two sureties in like amount.
The court directed the sureties to provide evidence of landed property in a suitable location within Akure, valid National Identity Cards and current tax clearance certificates. It also ordered the police to verify their residential addresses before the bail conditions could be perfected.
As an alternative, the magistrate ruled that the sureties could deposit N2 million into the Judiciary account as collateral.
The defendant was remanded in police custody pending the fulfilment of the bail conditions, while the case was adjourned until August 3, 2026, for hearing.