A 54-year-old trader, Ogbonnaya Mba, was on Tuesday arraigned before a Lagos State Magistrate’s Court in Igbosere for the theft of $49,450 (N9.89million)
Mba is facing a three-count charge of conspiracy, stealing and fraud preferred against him by the police.
The prosecutor, Inspector Ingobo Emby, told the court that Mba, of No. 162, Tenant Road, Aba, Abia State, committed the offences in September this year.
He alleged that the defendant conspired with others at large and obtained the money from one Baba Ali, a bureau de change operator, on the pretext that he would convert the money to naira.
But he failed to do so.
The police prosecutor said the offences are punishable under Sections 409, 285(1) and 312(3) of the Criminal Law of Lagos State, 2011.
However, the defendant denied all the charges.
The Magistrate, Mrs. Abimbola Komolafe, granted him bail in the sum of N500,000 with two sureties in the like sum.
She ordered that the sureties must deposit N200,000 in the court’s custody and one of them must be the defendant’s blood relation.
The matter was adjourned till January 19, 2016.