The Managing Director of a Lagos-based company, Sikiru Olayinka, who allegedly stole 123, 000 U.S. dollars, on Thursday appeared in an Igbosere Magistrates’ Court, Lagos

The police charged Olayinka and his company, Excampo Nigeria Ltd, with two  counts of  stealing.

The Prosecutor, ASP George Nwosu told the court that the defendant committed the offence sometime in September, 2018, at Zenith Bank PLC, Pen Cinema branch, Agege, Lagos.

Nwosu told the court that the management of Zenith Bank had mistakenly transferred 123,000 US dollar into account No. 5070637885 operated by the defendant.

He said the defendant did not notify the bank of the development; he however, withdrew all the money and converted it to his own use.

The prosecutor alleged that the defendant knew that the money did not belong to him.

He said the money belonged to Zenith Bank Plc.

Nwosu said the offence contravened the provisions of sections 285 and 409 of the Criminal Law of Lagos State, 2011.

The defendant pleaded not guilty.

Counsel to the defendant, Mr Opeyemi Bello urged the court to admit the defendant to bail on liberal terms, adding that the defendant was the breadwinner of his family.

In his reply, the prosecutor said bail was at the discretion of court.

He, however, informed the court that the defendant had jumped administrative bail.

Magistrate  Folashade Botoku, ordered that the defendant be remanded in police custody until March 27 for bail application and trial.