A 35-year-old man, Jeremiah Friday, on Wednesday, appeared before an Ikeja Magistrates’ Court charged with stealing a Toyota Camry car, valued at N4 million.
The defendant, a businessman, who resides at 16, Adegboya St., Olowora, Ogba, Lagos, is facing charges of obtaining by false pretences and stealing.
The prosecutor, Insp Innocent Odugbo told the court that the offences were committed in February 2021 at Ikeja.
Odugbo informed the court that the defendant bought a Toyota Camry car from one Jimmy Edu on a higher purchase at the cost of N4 million.
The prosecutor said that the defendant defaulted in the instalments for payments and failed to return the vehicle as provided whenever there was a breach of terms of the contract.
He further said that the complainant later discovered that the defendant used the said car as collateral to obtain a loan in a Microfinance bank.
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The offences, Odugbo said, contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015.
The defendant, however, pleaded not guilty to the charges.
The Magistrate, M. F. Onamusi, granted the defendant N500,000 bail with two sureties in like sum.
Onamusi adjourned the case until Aug. 23 for mention.
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