A 48-year-old businessman, Taiwo Oyebola, on Friday, appeared before an Ikeja Magistrates’ Court for allegedly obtaining N5million on false pretext.
The defendant, who resides at Fagba area, near Iju in Lagos, is being prosecuted over alleged conspiracy and obtaining money on false pretenses.
The prosecutor, Insp Rapheal Donny, told the court that the offences were committed on Jan. 5 at Fagba, Iju area, Lagos.
Donny said that the defendant and one other at large approached the complainant, Mr Moses Oladejo, to borrow N5million allegedly for trading.
According to the prosecutor, the defendant failed to pay back the money at the time he promised, while all efforts by the complainant to get the defendant or his guarantor, who is now at large, failed.
The prosecutor said that the offences allegedly committed contravened Sections 314 and 411 of the Criminal Law of Lagos State, 2015.
The defendant, however, pleaded not guilty to the charges.
The Magistrate, Mrs A. O Odubayo, granted the defendant bail in the sum of N500,000 with two sureties in like sum.
Odubayo adjourned the case until March 27 for mention. (NAN)