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

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 Dr. John Abebe and his company, Inducon Nig. Ltd, who are standing trial over an alleged N120m 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 N120m.

One of the counts reads:
“That you, Dr. John Abebe and Kamoru Alade Oladimeji, on or about the 4th day of June 2013 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit felony to wit: stealing the sum of N120 million, property of Arsenal Technologies Limited.”

Another count reads: “That you, Dr. John Abebe and Kamoru Alade Oladimeji, on or about the 4th day of June 2013 in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to commit felony to wit: obtaining by false pretence the sum of N120 million, property of Arsenal Technologies Limited, under the pretence that your property lying, being and situate at 9, Magbon Close, Ikoyi, Lagos State, which you pledged as security to Arsenal Technologies Limited, was unencumbered, a representation you knew to be false.”

The defendants pleaded “not guilty” to the charges preferred against them, thereby leading to their full trial.

During the trial, which commenced in 2022, the prosecution called four witnesses and closed 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.

Ruling on the application on Thursday, Justice Fadipe held that the court, at the stage of a no-case submission, only determines whether the prosecution has produced legally admissible evidence linking the defendants to the offences charged, and not whether the evidence is sufficient for conviction.

The judge ruled that evidence led by the prosecution indicated that the defendants allegedly obtained about N120 million from the complainant, Arsenal Technologies Limited, by pledging property as security that had earlier been pledged to a bank.

The judge also held that the evidence, if believed, required an explanation from the defendants.

Consequently, the judge dismissed the no-case submission and ordered the defendants to enter their defence.See More, Details. .

The case was adjourned till May28, and June 3, 4, 24 and 25, 2026 for the defendants  to open their defence.