A businessman, Fatai Yusuf, who allegedly obtained 438 bags of Indian rice valued at N4.4 million on pretext of paying for the goods on delivery, was on Tuesday released on bail on the orders of an Igbosere Magistrates’ Court on Lagos Island.
The Magistrate, Mr Martin Owunmi, granted him bail in the sum of N500,000 with two sureties in like sum.
He said that the sureties must show evidence of tax payments and should swear to an affidavit of means.
Yusuf, 50, whose residential address was not given, pleaded not guilty to the five-count charge bordering on stealing, issuance of dud cheque, fraud and breach of public peace.
According to the prosecutor, Insp. Steven Molo, the accused conspired with others still at large to commit the offences sometime in April 2013 at noon at Daleko Market, Isolo in Mushin area of Lagos.
He said the accused obtained 438 bags of Indian rice valued at N4.4 million belonging to Darelon Nigeria Ltd.
“The accused failed to pay after receiving the bags of rice.”
He also said that Yusuf issued a First Bank cheque for N4.3 million on April 24, 2013 in favour of Darelon Nigeria Ltd from his company’s account, Dupyomi International Ventures Ltd.
The prosecutor said the cheque was dishonoured on presentation due to lack of funds.
He also alleged that the accused conducted himself in a manner likely to cause a breach of the peace.
The offences contravened Sections 166 (d), 285, 312 (3) and 409 166 (d) of the Criminal Law of Lagos State, 2011.
The case has been adjourned to Jan. 23 for mention. (NAN)