A Federal High Court in Lagos on Wednesday granted N20 million bail to a 42-year-old trader, Ogbogu Dike, for allegedly defrauding two Bureau de Change operators of 297,000 dollars.
Dike was arraigned before Justice Ayotunde Faji on a three-count charge of conspiracy, obtaining under false pretenses and stealing.
Faji, in his ruling, ordered the accused to produce two sureties in like sum.
He also ordered that each of the sureties must show evidence of three years tax payment and also depose to an affidavit of means.
Earlier, the Police Prosecutor, DSP Justin Enang told the court that the accused and others still at large committed the offenses on July 27 on Airport Road, Lagos.
He alleged that the accused collected the money from Danladi Ibrahim and Ismaila Isa (bureau de change operators) on the pretext that he would pay them the Naira equivalent of N93.6 million.
After receiving the money from the operators, the accused reneged on the promise and refused to pay the operators, Enang said.
The offenses contravened Sections 390(9) and 516 of the Criminal Code, Laws of the Federation, 2004.
Dike, however, pleaded not guilty to the charges.
Following his plea, the prosecutor asked the court for a date to commence trial, while he also urged the court to remand the accused in prison pending trial.
But the Defence Counsel, Mr C. Victor, urged the court to admit the accused to a bail on liberal terms, pleading that he was a “first offender”.
The case was adjourned until Nov. 28. NAN