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Police to arraign businessman over alleged $490,000 fraud

TODAY
January 27, 2021
Justice Sherifat Solebo of an Ikeja Special Offences Court has fixed March 4 for arraignment of a businessman, Oladapo Olagundoye, and his company Morobone Nig. Ltd. over alleged $490,000 fraud.
Newsmen reports that Special Fraud Unit (SFU) of the Nigeria Police Force had in August 2020 filed a two-count charge of conspiracy and obtaining under false pretences against the defendants.
However, the defendants did not appear in court for the case.
According to counsel to the SPU, Mr Chukwu Agwu, Olagundoye and his company fraudulently obtained $490,000 from Infrastructural Development and Energy Company Ltd. (INDECO) sometime in March 2018 on Lagos Island.
He said: “The defendants falsely represented that, in conjunction with Wyndham Hotel Group, an American Hotel Group, they had a joint hotel project contract. ....

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Top hotel sales of 2020: Pandemic stalled hotel sales

There’s no question that the service industry took a hit this year.
International and domestic travel was halted for several months and later discouraged in an effort to curb the spread of the coronavirus. This limited the need for lodging.
The week ending Dec. 12 saw an occupancy rate of nearly 38% a decrease of over 37% compared with the same week last year. And the average daily rate has fallen by nearly 32%, to $85.88 that same week, according to data from STR.
The Minneapolis-St. Paul market itself hit another mark the week ending Dec. 12. It was ranked among the lowest markets for occupancy rates, with a rate of over 24%, according to STR. ....

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