A 33-year-old sales manager, Odewusi Victor, on Thursday, appeared before an Ile-Ife Magistrates’ Court over alleged N4 million fraud.

The Prosecutor, Inspector Odusina Olawale, told the court that the defendant committed the offence in August at about 2:00 p.m. at TAJ Experience Company, Ooni Layout, Ile-Ife.

Mr Olawale alleged that the defendant stole N4 million, being proceeds from sales entrusted to him while serving as manager of the company.

He further alleged that the defendant breached the trust reposed in him by converting the money to his personal use.

The prosecutor said that the offences contravened Sections 312 and 388 and were punishable under Sections 314 and 390(6) of the Criminal Code, Cap. 34, Vol. II, Laws of Osun, 2002.

The defendant, however, pleaded not guilty to the two-count charge of fraud and stealing.

Defence counsel, Martins Awe, applied for bail on the most liberal terms, assuring the court that his client would not abscond.

Magistrate Taofeek Badmus granted the defendant bail in the sum of N1 million, with two sureties in like sum.

Mr Badmus said that the sureties must swear to affidavits of means, reside within the court’s jurisdiction and be gainfully employed.

He further directed the sureties to produce three years’ tax clearance certificates, adding that one of them must be a blood relative of the defendant and provide valid means of identification.

The magistrate ordered that the defendant be remanded at the Nigerian Correctional Service facility in Ile-Ife pending the perfection of his bail conditions.

He adjourned the case until November 19 for hearing.

(NAN)