A 51-year-old businessman, Chidiebere Onuoha, who  allegedly defrauded his friend to the tune of $70, 000 (N26.2 million), on Wednesday appeared before an Igbosere Magistrates’ Court in Lagos.

The accused, whose residential address was not given, is facing a two-count charge of fraud and stealing.

The prosecutor, ASP Henry Obiazi, told the court that the accused committed the offences in September 2017, at Ajah area of Lagos State.

Obiazi said that the accused fraudulently obtained the sum from the complainant, Mr Austin Chukwudi.

“The accused obtained $70, 000 from the complainant under guise of getting the naira equivalent for him.

“He converted the money to his personal use,’’ Obiazi said.

The prosecutor said that the offences contravened Sections 287 (9) and 314 (3) of the Criminal Laws of Lagos State, 2015.

The accused, however, pleaded not guilty.

The Magistrate, Mr B. I. Bakare, granted him bail in the sum of N5 million with two sureties in like sum.

Bakare said that the sureties must be gainfully employed and must show evidence of tax payment to the Lagos State Government.

The magistrate adjourned the case until July 3 for mention. (NAN)