A 37-year-old funds manager, Segun Bright, who is charged with a N390m theft, on Friday in Lagos opted to enter a guilty plea.
The Economic and Financial Crimes Commission had on Nov. 25, 2013 charged Bright before Justice Oluwatoyin Ipaye of an Ikeja High Court on a 21 counts.
The accused, according to the EFCC, defrauded more than 40 people through a fraudulent investment scheme.
He pleaded not guilty to the charges and was granted a N3m bail which he had yet to perfect.
During Friday’s proceedings, Bright delivered a note to his counsel, Mr Victor Opara, on his decision to change his plea.
The development stalled the trial as the judge directed Opara to meet the EFCC for a possible plea bargain.
Ipaye adjourned the case to May 6 for mention.
Earlier, the EFCC Counsel, Mr Emmanuel Jackson, said Bright had between January and December 2010 at Abule Egba, a Lagos suburb, collected N390m.
Jackson said the accused, through his company, Wexford Global Resources Ltd, committed the offences by floating an investment scheme.
He alleged that Bright had collected various sums ranging from N10,000 to N615,000 from different people with the promise to re-invest the funds for high returns.
The prosecutor named those allegedly swindled as Mr Patrick Akwalanu, Mr Afolabi Oluwaseun, Mr Amos Ogunsawo, Rev. Olusoji Adegboyega and Mrs Victoria Salako.
Bright’s offences contravene Sections 383 (1) and (9) of the Criminal Code, Laws of Lagos State 2003.
