A 40-year-old businessman, Jude Obiekwe, on Thursday appeared before an Ikeja Magistrates Court for allegedly issuing a dud cheque of N5 million.
Obiekwe, a resident of Mushin, Lagos, is being tried for issuing dud cheque.
The Prosecutor, Insp. Aondohemba Koti, told the court that the defendant committed the offence on May 6, 2017 at Mushin, Lagos.
Koti alleged that the defendant issued a cheque of N5 million to one Mr Anenlimibor Irabor which was dishonored at the bank due to insufficient fund in the account.
“The defendant approached the complainant for a loan of N5 millon to complete his plaza.
“After agreement was reached, the complainant gave him the loan. But when it was time for the defendant to pay back the loan, he gave the complainant a cheque.
“When the complainant presented the cheque at the bank, it was dishonoured.
“Efforts made by the complainant to get his money proved unsuccessful as the defendant refused to pick his phone calls.
“The complainant reported the case at the police station and the defendant was later arrested,’’the prosecutor said.
The offence contravened Section 1(b)(1) of Dishonoured Cheque Act, Cap 10 Law of Federal Republic of Nigeria, 2017.
The defendant pleaded not guilty.
The Magistrate, Mrs M.O Tanimola, granted the defendant N200,000 bail with two sureties in like sum.
Tanimola said that the sureties should be gainfully employed and show evidences of two years tax payment to the Lagos State Government.
She adjourned the case till Feb. 27 for further hearing. (NAN)