The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned three men, Saka Olubamishe, Olusegun Omogoye and Olumuyiwa Adesina, for alleged N29 million theft.

The defendants are facing trial before the Ikeja Special Offences Court on a three-count charge of conspiracy to commit a felony, stealing and obtaining by false pretences.

The EFCC counsel, Babangida Isah, told the court that the defendants conspired and committed the offences sometime in July 2023 in Lagos.

He said the defendants fraudulently converted N29 million, the property of Awolaja Sherri and Akintoye Ganiyu, to their own use.

The anti-graft agency submitted that the defendants obtained the money under the guise of transferring the United States dollar equivalent of the money at the rate of N750 per dollar to a company, Copart Auto Auction, in America.

Mr Isah said the defendant knew that the representation they made was false.

He said the alleged offences violate sections 280(2) and 411 of the Criminal Law of Lagos State 2015.

The offences also violate sections 1(1) (a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The trio pleaded not guilty to the charge.

Mr Isah, thereafter, asked for a trial date and urged the court to remand defendants at the correctional centre.

The defendants’ counsel, S. T. Ladokun, informed the court of a pending bail application, urging the court to grant bail to the defendants on liberal terms.

Justice Olubunmi Abike-Fadipe granted bail to the defendants in the sum of N10 million each with two sureties in like sum.

The judge ordered that the sureties be gainfully employed and show evidence of two years of tax payment to the Lagos State Government.

The judge adjourned the case until January 23, 2025, for the commencement of trial.

(NAN)