A 26-year-old businessman, Adedamola Adetoye, on Thursday appeared before an Ikeja Magistrates’ Court for alleged N500,000 fraud.

Adetoye, who resides at the Badagry area of Lagos State, is facing a three-count charge of conspiracy, obtaining under false pretenses and stealing.

He, however, pleaded not guilty to the charges.

The prosecutor, Insp. Emmanuel Ajayi, told the court that the defendant committed the offences with one other person still at large  in December 2020 at Oke-Ira, Iju, Lagos.

Ajayi said that the defendant fraudulently obtained the money from the complainant, Mrs Blessing Somtoochukwu, for  a Lexus jeep, which he failed to give her.

“The defendant collected the money from the complainant but sold the car to another person.

“All efforts made by the complainant to retrieve her money proved unsuccessful,” the prosecuctor said.

He said the offences contravened Sections 287, 314 and 411 of the Criminal Law of Lagos State, 2015.

The News Agency of Nigeria (NAN) reports that Section 287 stipulates three years imprisonment for stealing, while Section 314 prescribes 15 years for obtaining  under false pretenses.

The Magistrate, Mrs A.S Odusanya, granted the defendant bail in the sum of N200,000 with two sureties in like sum.

Odusanya said that the sureties should be gainfully employed with evidence of two years tax payment to the Lagos State Government.

She adjourned the case until April 2 for mention.