Economic and Financial Crimes Commission (EFCC), yesterday, arraigned a man, Oluwatobi Asu, before a Lagos Special Offences Court, Ikeja, for allegedly issuing a dud cheque and stealing N102.8 million.
Asu was arraigned along with his company, Aquilus Bulls, on a nine-count charge before Justice Rahman Oshodi. The prosecution counsel, Ahmed Yerima, told the court that the defendant and Olumide Oluwabiyi, who is still at large, committed the offences sometime in January 2021 and April 2022, in Lagos.
The EFCC alleged that the defendant issued a cheque of N10 million to one Adedeji Adeyinka without sufficient funds in his account. The prosecution submitted that the defendant allegedly converted N40 million, property of the complainant, to his personal use.
The prosecution said the offences were contrary to the provisions of Sections 285(1) and 287(1) of the Criminal Laws of Lagos State and also Sections 1(1) of the Dishonoured Cheques Offences Act, Cap D11 Laws of the Nigeria Federation, 2004.
The defendant pleaded not guilty to all counts. Following his plea, Yerima prayed the court for a date to commence trial. But the defence counsel, Oluseye Demuren, told the court he had filed his client’s bail application, dated December 11, and urged the court to grant the defendant bail on liberal terms.
He said the defendant was granted administrative bail, which he faithfully complied with. He added that the defendant entered a N50 million bond with the anti-graft commission.
Demuren said the defendant also produced three sureties, whose international passports were submitted to the EFCC. After listening to their submission, Justice Oshodi granted the defendant a N50 million bail bond, given there were no counter affidavits and objection from the prosecution counsel.
The judge ordered that the term for determination was that the court should exercise its discretion by granting the first defendant bail. The judge said: “Paragraph 10 to 11 of the first defendant’s affidavit showed that he faithfully complied with the administrative bail that was granted to him by the commission.
“This was not refuted by the prosecution. The parties confirmed that the bail was N50 million and that the first defendant produced three sureties, during the proceeding.
“I requested that the prosecution furnish the court with the bail documentation on December 18, 2023.” He further ordered that the residential and business addresses of the first defendant and the three sureties must be verified within 24 hours. Subsequently, Oshodi adjourned the case till March 15, 2024 for commencement of trial.