Alleged N120m Fraud: Court Dismisses Abebe, Co-Defendant’s No-Case Submission

Ikeja, Lagos, Nigeria – March 5, 2026

Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, on Thursday, March 5, 2026, dismissed the no-case submission filed by John Abebe and his company, Inducon Nigeria Limited, who are standing trial over an alleged N120 million fraud.

The defendants were arraigned on September 19, 2022, on a six-count charge bordering on conspiracy to steal, stealing, conspiracy to obtain by false pretence, obtaining by false pretence and obtaining execution of security by false pretence to the tune of N120 million.

One of the counts states that John Abebe and Kamoru Alade Oladimeji, on or about June 4, 2013, in Lagos, allegedly conspired to commit felony by stealing the sum of N120 million belonging to Arsenal Technologies Limited.

Another count alleges that the defendants conspired to obtain the same amount from Arsenal Technologies Limited under the false pretence that a property located at 9 Magbon Close, Ikoyi in Lagos, which they pledged as security, was free from any encumbrance—a claim the prosecution says they knew to be false.

The defendants pleaded “not guilty” to the charges, leading to the commencement of full trial proceedings.

During the trial, which began in 2022, the prosecution called four witnesses before closing its case on May 15, 2025.

Following the closure of the prosecution’s case, the first and third defendants filed a no-case submission on October 14, 2025, arguing that the prosecution failed to establish a prima facie case linking them to the alleged offences.

However, in her ruling, Justice Olubunmi Abike-Fadipe held that at the stage of a no-case submission, the court only determines whether the prosecution has produced legally admissible evidence connecting the defendants to the offences charged, and not whether the evidence is sufficient for conviction.

The court noted that the evidence presented by the prosecution indicated that the defendants allegedly obtained about N120 million from the complainant by pledging a property as security which had earlier been pledged to a bank.

According to the judge, the evidence—if believed—requires an explanation from the defendants.

Consequently, the court dismissed the no-case submission and ordered the defendants to open their defence.

The matter was adjourned to May 28 and June 3, 4, 24 and 25, 2026, for the defendants to commence their defence.