A former banker, Adebayo Ogunnusi, was arraigned on Wednesday before an Igbosere Magistrate’s court sitting in Lagos State for swindling 26 persons of N1.5 billion under the guise of forex business.

The prosecutor, Sergeant Innocent Odugbo, told the court that the accused committed the offences between May and August, 2016 in Lagos.

According to the prosecutor, Ogunusi obtained the sum from 26 different people under the guise of giving them the dollar equivalent of the money.

He said: “The accused promised to introduce the complainants to forex business, but swindled them knowing his representation of the business was false.

Odugbo informed the court that the offences were punishable under Section 312 (1) (a) of the Criminal Law of Lagos State, 2011.

Ogunusi who is facing a 26-count charge bordering on fraud pleaded not guilty.

The magistrate, Mrs F. O. Botoku, in her judgement, granted the accused bail in the sum of N1 Million with two sureties in like sum.

Magistrate Botoku ordered the accused to submit his travelling passport to the court and that the sureties must reside in Lagos State.

The case was adjourned till February 23 and 24 for trial.