Kolawole Damilare, 35, was arraigned in an Ikorodu Magistrates’ Court in Lagos on Monday for allegedly obtaining N1m under false pretenses.
Damilare, who has no fixed address, is facing a two-count charge of obtaining money by deception and stealing.
The prosecutor, Insp. Ekundayo, told the court on Friday that the accused committed the crime on June 22 at No. 97 Aina Adenuga street, behind the Agbede transformer in the Ita-Oluwo area of Ikorodu.
According to Friday, the accused obtained N1 million fraudulently with the intent of stealing from one Mr Shaki Ande, Managing Director of Shaki Automart Limited.
He claimed that the accused converted N1.25 million to his personal use at the same time and date without the owner’s consent.
According to the prosecutor, the offenses violate Sections 314(1b) and 280(2e and f) of the Lagos State Criminal Laws of 2015.
According to the News Agency of Nigeria (NAN), section 314 mandates a 15-year prison sentence for obtaining false pretense, while section 280 mandates a three-year sentence for stealing if found guilty.
The accused, on the other hand, pleaded not guilty to the charges leveled against him.
Mrs. A.R. Onilogbo, the Magistrate, granted the accused bail in the sum of N250,000 with two sureties in the same sum and adjourned the case until December 16 for mention.