A 32 year-old man, Taiwo Olorode, on Friday, appeared before a Mapo Grade A Customary Court in Ibadan, charged with stealing a car, used as collateral to obtain a N5 million loan.
Olorode, however, pleaded not guilty to the two-count charge of conspiracy and stealing levelled against him.
Earlier, the Prosecutor, Insp Ayodele Ayeni had told the court that the defendant committed the crime on April 20, at about 1.30 p.m., at ICT Hub, Mokola area, Ibadan, Oyo State.
According to Ayeni, the defendant conspired with one other at large to steal a Toyota Corolla car used to stand as collateral to obtain a N5million loan from Trivista Capital Limited.
He further alleged that after stealing the car, the defendant reregistered the chassis number as INXBR32EX6Z632459.
The prosecutor said that the offences contravened the provisions of Sections 516 and 390 of the Criminal Code Cap 38 Vol. II Law of Oyo State 2000.
The court’s President, Mrs S.M. Akintayo granted the defendant bail in the sum of N42 million with two reliable sureties in like sum.
Akintayo added that each of the sureties must provide evidence of tax payment to the Oyo State government.
Thereafter, she adjourned the matter until July 7 for hearing.(NAN)
