A 44-year-old businessman, Olusoji Olaniran, on Thursday appeared before an Ikeja Special Offences Court for alleged N166 million fraud.
The Special Fraud Unit (SFU) of the Nigeria Police Force arraigned Olaniran alongside his company, Oyster Global Links Ltd.
The defendant who resides at No. 13, Oladun St., Idimu, Lagos, pleaded not guilty to a charge of stealing by fraudulent conversion.
The prosecutor, Mr Emmanuel Jackson, said the defendant committed the offence between 2016 and 2017 in Lagos, Ogun, Kwara, Osun, Ekiti, Oyo, Ondo and other places in the country.
Jackson said the defendant fraudulently converted to his own use and benefit the sum of N166 million belonging to First Capital Trust Leasing Ltd. and Seed Leasing Ltd.
He said the money was the proceeds of sales of household equipment to police officers from a business agreement entered into in Lagos between the defendant and First Capital Trust Leasing Ltd.
He said the business was financed by First Capital Trust Leasing Ltd. and Seed Leasing Ltd.
He said the offence contravened Sections 383 (1), (2),(f) and 390(9) of the Criminal Code, 2004.
The defence counsel, Mr Anacho Alozie, in a bail application dated Feb. 25, asked the court to grant the defendant bail in liberal terms.
Justice Sherifat Solebo, however, granted the defendant bail in the sum of N25 million with two sureties in like sum.
Solebo said one of the sureties must be a property owner in Lagos while the other surety should be an employee of a reputable company.
The judge said both sureties should provide proof of paid personal income tax to the Lagos State government in the last three years.
The case was adjourned until Aug. 9 and Aug. 10 for trial.
