The defendant, whose address was not provided, is facing a one-count charge of issuing of dud cheque.

The prosecutor, SP Josephine Ikhayere, told the court that the defendant committed the offence on Dec.31, 2018.

Ikhayere said that the defendant, sometime in 2018, went to the complainant’s office, Richway Microfinance Bank Ltd, Ikeja, to apply for a loan.

She alleged that the bank gave the loan to the defendant which he was supposed to refund on an agreed date but failed.

“On Nov. 21, 2018 the defendant went to the Microfinance bank and issued a dud Zenith Bank cheque No. 9627802 for N2.26 million.

“The money failed at the receiving bank due to insufficient fund.

“The complainant called his cell phone but it was not reachable. He then reported the case to the police.

”During investigation, the police discovered that the defendant used fake home and guarantors’ addresses in his documentation for the processing of the loan.

“The defendant ran to an unknown destination but was later arrested by the police,” Ikhayere alleged.

She said that the offence contravened Sections 1(1)(b) of the Dishonored Cheque (offences) Act, 2004.

The News Agency of Nigeria (NAN) reports that Section 1(1)(b) prescribes a two-year imprisonment without an option of fine for anyone found guilty of dishonoring a cheque due to insufficient balance.

The Magistrate, Mr Lateef Owolabi, granted the defendant bail in the sum of N350, 000 with two sureties in like sum.

He said that the sureties must produce evidence of tax payment to the Lagos State Government.

Owolabi adjourned the case till Aug. 8, for hearing. (NAN)