A Forex trader, Henry Gabriel, appeared before the Federal Capital Territory (FCT) High Court in Zuba on Monday, facing charges of misappropriating $10,000 belonging to Navy Capt. A. Madaki.
Gabriel and his company, HDFX Limited, are charged with criminal conspiracy and breach of trust.
Prosecution counsel, Mr. Abubakar Aminu, accused Gabriel of using the funds for personal purposes in 2022 after Madaki entrusted the money to him for a one-year forex investment cycle.
The prosecution also revealed that Gabriel’s company was operating without proper authorization or a license.
The charges contravene sections 97 and 312 of the Penal Code, and Gabriel pleaded not guilty to the allegations.
In response, defense counsel E.J. Ayinmode filed a bail application based on sections 165 and 162 of the Administration of Criminal Justice Act (ACJA) and section 36 of the Nigerian Constitution, requesting that Gabriel be granted bail pending the trial.
Ayinmode highlighted that Gabriel was already on administrative bail and had complied with all requirements.
The prosecution did not oppose the bail application, and Justice Kezziah Ogbonnaya granted bail to Gabriel, stipulating two sureties.
One surety must provide proof of property ownership within the FCT, while the other must present $10,000 or its equivalent.
The case was adjourned until March 18 for hearing.
