A 35-year-old farm manager, Fasasi Ridwan, has appeared before an Ibadan Chief Magistrates’ Court for allegedly embezzling N7,620,000 from cow and ram sales.
A 35-year-old farm manager, Fasasi Ridwan, was arraigned before an Iyaganku Chief Magistrates’ Court in Ibadan on Wednesday for the alleged theft of N7,620,000 belonging to his employer.
The defendant, a resident of the Salaam-Salaam area in Alakia, Ibadan, faces a one-count charge of stealing.
The Prosecution Counsel, ASP Foluke Adedosu, informed the court that the defendant committed the systemic fraud between the year 2025 and May 26, 2026. According to the police investigation, Ridwan intercepted and pocketed N7,620,000 generated from the commercial sales of cows and rams, fraudulently converting the capital to his personal use.
The stolen agricultural proceeds belonged to Prime Demland Farm Limited, located at Ogunsina Village along Oyedeji Road in Ibadan.
ASP Adedosu emphasized that the manager’s actions directly breached Section 383 and are heavily punishable under Section 390 (6) (9) of the Criminal Code Laws of Oyo State, 2000.
Legal Provision: Under Section 390 of the Oyo State Criminal Code, individuals convicted of stealing from their employers face severe multi-year prison sentences for breach of trust.
Upon the reading of the charge, the defendant maintained his innocence and pleaded not guilty.
Following the plea, the Defense Counsel, Mr. Y. F. Abdulateef, made an application to the court, requesting that his client be admitted to bail under liberal and affordable terms.
The Presiding Magistrate, Mrs. A.T. Oyediji, subsequently granted the defendant bail in the sum of N1 million, requiring two reliable sureties in a matching amount.
Magistrate Oyediji ordered that the case file be securely logged and adjourned the matter until July 14, 2026, for a full evidentiary hearing to allow the prosecution to present its witnesses.
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