A 33-year-old auto dealer, Sunday Aderelegun, who allegedly stole three cars worth N14.4 million from his customers and used it as collateral for a loan, on Tuesday appeared in an Ikeja Chief Magistrates’ Court.
The police charged Aderelegun, who resides at No. 99, Agbado Road, Iju Ishaga area of Lagos, with conspiracy, theft and obtaining by false pretenses.
He, however, pleaded not guilty.
The Prosecution Counsel, ASP Raji Akeem, told the court that the defendant committed the offence on Jan. 23 at Lekki, Berger and Ikorodu areas of Lagos .
Akeem alleged that the defendant collected two Toyota Corolla cars valued at N10 million from Mr. Daniel Abayomi and a Toyota Highlander jeep valued, worth N4.4 million from Mr. Ezekiel Ademola.
He alleged that the defendant claimed that he had seen buyers for the cars, representation he knew was false
The defendant, he said, used the cars as collateral to obtain a loan of N7million from Mr Bayo Adejumo.
The offence, he said, contravened the provisions of sections 287, 315 and 411 of the Criminal Law of Lagos State,2015.
Section 287 stipulates three years jail term for stealing, while Section 411 provides two years imprisonment for conspiracy.
Chief Magistrate O.A. Layinka admitted the defendant to bail in the sum of N5 million with two sureties in like sum. Layinka adjourned the case until April 4 for mention.