Businessman bags 10 year jail term over n30m fraud

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Businessman Bags 10-Year Jail Term Over N30m Fraud

A businessman, identified as [Name], has been sentenced to 10 years imprisonment by a Federal High Court in Lagos for fraudulently obtaining N30 million from a bank.

According to the court, the businessman, who was arraigned on a 10-count charge of fraud, was found guilty of using fake documents to obtain the loan from the bank.

The court, presided over by Justice [Name], held that the prosecution had proved its case beyond reasonable doubt and convicted the businessman of the offence.

The judge also ordered the businessman to refund the N30 million to the bank, as well as pay a fine of N1 million.

The prosecution had alleged that the businessman had obtained the loan from the bank in 2018, but failed to repay it, leading to the bank's loss of N30 million.

The businessman's lawyer had pleaded with the court to temper justice with mercy, citing the businessman's young age and the fact that he was a first-time offender.

However, the prosecution had argued that the businessman's actions were deliberate and calculated, and that he had shown no remorse for his actions.

The court's verdict has sent a strong message to would-be fraudsters, and serves as a reminder that the law will not hesitate to punish those who engage in fraudulent activities.

The businessman's 10-year jail term is a significant sentence, and it is hoped that it will serve as a deterrent to others who may be considering similar actions.