The money was allegedly obtained from the victim through a property sold to him by Malumi. The property, identified as Unit B9, Funtai Court, 3, Ruxton Street, Ikoyi, Lagos, was falsely presented to Shaiyen as being totally free from encumbrances.
Taiwo Malumi, a chieftain of the ruling All Progressives Congress (APC), has been discharged and acquitted of a N40million fraud suit.
Malumi was accused to have deceitfully obtained the said sum from one Nick Shaiyen, Managing Director of Whitehall Management Limited.
The money was allegedly obtained from the victim through a property sold to him by Malumi. The property, identified as Unit B9, Funtai Court, 3, Ruxton Street, Ikoyi, Lagos, was falsely presented to Shaiyen as being totally free from encumbrances.
Ayodele Ignatius Salami, the lawyer representing Malumi, urged the court to quash the charges, arguing that the matter is a pure business dispute by the content of the agreement signed by both parties on November 10, 2016.
Delivering his judgment, Justice Saliu Saidu ruled that from the evidence gathered, both parties agreed to settle the fact before the Police, which is the basis of the complaint.
The judge further stated that all documents presented showed no sign of intent by Malumi to defraud the minor complainant, Nick, in the case.
“The minor complainant, in his wisdom by the terms of agreement, has agreed that his relationship with the Defendant/Applicant is contractual; he cannot come to court to say otherwise. He is estopped," the judge ruled.
"Parties are bound by the terms of their agreement. I hereby grant the reliefs sought by the Defendant/Applicant and quash the charges in this case.”