A businessman, Michael Chibuzo, was on Wednesday arraigned by the Economic and Financial Crimes Commission (EFCC) for alleged issuance of N8.5m dud cheque.
EFCC charged Chibuzo, alongside his firm, Two Stars Enterprise Ltd., at a Kaduna High Court, with issuance of dud cheque and fraud.
The EFCC counsel, Nasiru Salele, told the court that the defendant committed the offences on January 2.
According to Salele, the defendant, who was the Managing Director of Two Stars Enterprise Ltd, took a loan of N8.5m from the complainant, Rita David.
The prosecution said that for the repayment of the loan, the defendant issued David a post-dated GT Bank cheque of N8.5m to be cashed after two months.
He added that the cheque was, however, dishonored when it was presented at the bank and all efforts made by the complainant to get her money back were abortive and unsuccessful.
Salele said the offences contravened the Advanced Fee Fraud and Other Related Offences Act 2006.
The defendant pleaded not guilty to the charges.
The defence counselor, Gabriel Ede, applied for bail on behalf of his client, stating that the defendant will not jump bail and will provide the bail conditions as required. The prosecution, however, did not oppose the bail application.
The Judge, Justice M. Tukur, granted the defendant bail in the sum of N2 million, with two sureties in like sum.
According to the judge, one of the sureties must be a blood relation of the defendant and the second must have a landed property in Kaduna with genuine land documents.
Tukur added that the sureties must reside within the court’s jurisdiction and adjourned the case until April 30 for hearing. (NAN)
