An Ikeja Chief Magistrates’ Court, on Monday, granted N200,000 bail to a 40-year-old businessman, Afolabi Adebayo, who is facing a trial over an alleged N1.13 million fraud.
The defendant, whose house address was not given, is facing charges of obtaining by false pretense and theft of N1.13 million from a housewife.
Earlier, the Prosecutor, Insp Victor Eruada, told the court that the defendant committed the offense sometime in July 2020 in Ojota area of Lagos State.
Eruada said that the defendant obtained N1.13 million from the complainant, Mrs Adeola Odeola, under the false pretext of investing the money on her behalf, in the motorcycle business.
He told the court that the defendant rather converted the money to his personal use and that all efforts to recover the money from him failed.
He said the offenses contravened the provisions of sections 287 and 314 of the Criminal Law of Lagos State, 2015.
The defendant pleaded not guilty to the charges.
The Chief Magistrate, Mr M.O. Tanimola, however, granted the defendant bail in the sum of N200,000 with one surety in like sum.
Tanimola adjourned the case until Sept. 24 for mention.