The Economic and Financial Crimes Commission (EFCC) brought one Oluwatobi Asu before an Ikeja Special Offences Court on Thursday over allegations of issuing a N102.8 million dud cheque, alongside his company, Aquilus Bulls, and other charges related to fraudulent activities.
During the arraignment, Asu and the co-defendants pleaded not guilty to the nine-count charge.
The EFCC’s counsel, Mr. Ahmed Yerima, requested a trial date following the defendants’ plea of not guilty.
In response, defense counsel Mr. Oluseye Demuren, filed a bail application on December 11 and urged the court to grant Asu bail on lenient terms. Demuren said that Asu had complied with the administrative bail conditions set by the EFCC, providing a N50 million bond and three sureties’ international passport copies to the commission.
“We urge the court to grant bail to the defendant on liberal terms,” Demuren stated.
Justice Rahman Oshodi subsequently granted Asu bail on a N50 million bond, considering the absence of counter-affidavits or objections from the prosecution.
The judge clarified the basis for the decision, emphasizing Asu’s adherence to the terms of the administrative bail granted by the EFCC. He ordered the prosecution to submit the bail documentation to the court by December 18.
Justice Oshodi also mandated verification of the residential and business addresses of Asu and the three sureties within 24 hours and adjourned the case until March 15, 2024, for the trial to commence.
The prosecution alleged that Asu issued a N10 million cheque without sufficient funds and converted N40 million belonging to the complainant for personal use between January 2021 and April 2022 in Lagos.
The charges against Asu contravene 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)
