A former lecturer at the University of Lagos, Mr. Femi Olufokunbi, on Thursday appeared before an Igbosere Magistrates' Court in Lagos, charged with eight million naira fraud.
Olufokunbi (62) was arraigned on a two-count charge of stealing and obtaining money from Union Bank Plc under false pretence.
The court remanded him in police custody till June 21 when it will rule in his bail application.
The former lecturer, also a lawyer, is standing trial along with one Onyeka Dike.
The duo, however, pleaded not guilty to the charge.
The prosecutor, Insp. Zaccheus Arekhander, said that the accused and some others at large obtained the money by false pretence on behalf of some lawyers on June 1.
He said that the accused did not give the money to the lawyers and did not return it to the bank.
He said that the accused had refused persuasion from the bank to sign necessary documents to officially acknowledge the receipt of the money paid through a cheque.
Arekhander objected to the bail applications moved by the counsel to accused, Mr. Gani Oyarevuegbe.
The prosecutor said that the former lecturer could interference with ongoing police investigations in the case, if granted bail.
"The money in question is still in an unfrozen account, the accused; granting them bail could avail them the opportunity to withdraw it thereby jeopardising police investigations," he said.
The defence counsel had prayed the court to grant the accused bail on self recognition.
He submitted that the former don had spent 32 years as a lawyer.
Magistrate A.A. Adefulire said: "In view of the strong objection to the bail application, the accused are hereby remanded in police custody pending ruling on the application.'
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