The police, on Friday, arraigned a 55-year old man, Olusola Ogunleye, before an Iyaganku Chief Magistrates’ Court, Ibadan, Oyo State for allegedly obtaining N20 million under false pretence.
The News Agency of Nigeria reports that Ogunleye, of Alakia area, Ibadan, was arraigned on a two-count charge of fraud and conversion.
The Prosecutor, Inspector Opeyemi Olagunju, told the court that Ogunleye, between February and August at Adeoyo area, Ibadan, with intent to defraud, allegedly obtained N20 million from one Olusegun Benjamin.
He said that Ogunleye collected the money from Benjamin under the pretence of securing a loan of N20 million for him, knowing same to be false.
Olagunju further stated that the defendant fraudulently converted the money to his own use.
According to him, the offences contravene Section 383 and punishable under Section 390 (9) and 419 of the Criminal Code of Oyo State, 2000.
The defendant, however, pleaded not guilty to the charges preferred against him.
The Chief Magistrate, Olaide Amzat, granted the defendant bail in the sum of N5 million, with two sureties in like sum.
Amzat, who said one of the sureties must be a close relation of the defendant, adjourned the matter till October 22 for mention.