The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned a man, Oluwatobi Asu, before an Ikeja Special Offences Court for allegedly issuing a N102.8 million dud cheque.

Asu was arraigned alongside his company, Aquilus Bulls, and others on nine counts bordering on the issuance of dud cheques and stealing.

The defendants, however, pleaded not guilty to the charge.

The EFCC counsel, Mr Ahmed Yerima, thereafter asked the court for a trial date, following their not guilty plea.

The defence counsel, Mr. Oluseye Demuren, in his motion for bail application dated Dec. 11 and filed on Dec. 13, urged the court to grant the defendant bail on liberal terms.

He told the court that EFCC had already granted administrative bail to the defendant, which he had faithfully complied with.

“The defendant has entered a N50 million bond with the commission and he has produced three sureties, whose copies of international passports have been submitted with the EFCC.

“The defendant has also submitted the original copy of his international passport to the commission.

“We urge the court to grant bail to the defendant on liberal terms,” Demuren said.

Consequently, Justice Rahman Oshodi released him on the N50 million bail bond, following no counter affidavits and objection from the prosecution.

Ramon said the basis for determination was that the court should exercise its discretion by granting the first defendant bail.

He said: “Paragraphs 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.

“The prosecution did not dispute this.

“The parties confirmed that the bail was N50 million and that the first defendant produced three sureties.

“During the proceedings, I requested that the prosecution furnished this court with the bail documentation.”

The judge ordered the prosecution to submit the bail documentation to the court on Dec. 18.

He ordered that the residential and business addresses of the first defendant and the three sureties must be verified within 24 hours.

Oshodi adjourned the case until March 15, 2024, for commencement of trial.

The prosecution in the charge had earlier alleged that the defendant issued a cheque of N10 million to one Mr Adedeji Adeyinka, without sufficient funds in the account as part payment for the sum he deceitfully obtained as an investment.

The prosecutor said the defendant allegedly converted the sum of N40 million, property of the complainant, to his personal use.

Yerima told the court that the defendant allegedly committed the offences with one Olumide Oluwabiyi (still at large) between January 2021 and April 2022 in Lagos.

According to the prosecution, the offences contravened Sections 285(1) and 287(1) of the Criminal Laws of Lagos State and Section 1(1) of the dishonoured cheques Offences Act, Cap D11 Laws of the Nigerian Federation, 2004. (NAN)