A 43-year-old rice dealer, Oyetoro Omolade, on Tuesday appeared before an Ile-Ife Magistrates’ Court in Osun, over alleged N2 million fraud.
Omolade, of no fixed address, is facing a two-count charge bordering on fraud and conversion.
The Prosecutor, Sgt. Adesina Elijah, told the court that the defendant committed the offences on June 10, at 1:00p.m., at Odo-Ogbe New Market, Ile-Ife.
Elijah said that the defendant obtained 100 bags of Umza Rice valued N2. 05 million from one Alhaja Eluwole Serifat under the pretext that he would pay for the rice within five days.
He said that the defendant failed to pay for the rice as promised, but converted the money to her personal use.
He said that the offences contravened Sections 383, 390(9) and 419 of the Criminal Code, Laws of Osun, 2002.
The defendant, however, pleaded not guilty to the charges.
The Defence Counsel, Mr Ademola Adeyemo, urged the court to grant his client bail on liberal terms.
Magistrate A. A. Ayeni granted the defendant bail in the sum of N500,000 with two sureties in like sum.
Ayeni added that the sureties must swear to affidavit of means, reside within the court’s jurisdiction and their addresses must be verified by the court.
He added that the sureties must provide three recent passport photographs each and adjourned the case until Sept. 24, for hearing.
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