A forex trader, Olufemi Oluwade, on Wednesday appeared in an Ikeja Magistrates Court for allegedly defrauding two men of 2,900 dollars (about N1.1million).
Oluwade, 39, resides at No. 5, Oyawale St., Idimu, Lagos, is charged with stealing and obtaining money under false pretense but he pleaded not guilty.
The Prosecution Counsel, Sgt. Ishola Samuel, told the court that Oluwade obtained 2,900 dollars from the complainants, Olamide Fashipe and Wilson Emele.
He said that the defendant collected the money with a promise to invest the amount in forex trade business.
The prosecution counsel alleged that after Oluwade collected the money, he disappeared.
Samuel told the court that the defendant committed the offence sometime in May, on Awolowo way in Ikeja.
The offence, he said, contravened the provisions of sections 287 and 314 of the Criminal Law of Lagos State, 2015.
News Agency of Nigeria (NAN) reports that Section 287 provides for three years jail term for stealing, while Section 314 attracts 15 years for obtaining money under false pretenses.
Magistrate A.I Abina admitted the defendant to bail in the sum of N200, 000 with one surety in like sum.
Abina ordered that the surety must be gainfully employed and possess evidence of two years tax payment to the Lagos State Government (LASG).
The magistrate adjourned the case until Aug. 28 for hearing.