A 51-year-old man, John-Kennedy Otagada, who allegedly defrauded Gidi Credit Ltd., N85 million, appeared before an Ikeja Magistrates’ Court on Wednesday.

Otagada is facing a two-count charge of stealing and fraud.

The prosecutor, Supol Josephine Ikhayere, told the court that the offences occurred on March 10, at about 10.00 a.m., at Ikeja within the Lagos Magisterial District.

She alleged that the defendant dishonestly stole N85 million, the property of Gidi Credit Ltd.

The prosecutor also said Otagada obtained the amount from the company under the false pretence of securing credit for himself, a representation he allegedly knew to be false.

According to her, the offences contravene Sections 287 and 314 of the Criminal Law of Lagos State, 2015.

The defendant, however, pleaded not guilty to the charges preferred against him.

Following his plea, the Magistrate, L.A. Owolabi, granted him bail in the sum of N3 million with two sureties in like sum.

The magistrate ordered that the sureties be gainfully employed and provide verifiable addresses within the court’s jurisdiction.

He adjourned the case until March 26 for mention.

(NAN)