A 49-year-old man on Monday appeared before an Ikeja Magistrate’s Court for allegedly obtaining N1 million from a micro-finance bank in Lagos, under false pretext.

The accused, Olatunji Folley, who is facing a three-count charge of conspiracy, unlawful obtaining and stealing, however, pleaded not guilty.

However, the prosecutor, Insp. Chris Takim, submitted that the accused with another still at large committed the offence.

According to him, the duo conspired and cashed the money at Seedvest Micro-finance Ltd. under the pretext of purchasing some products for supply.

“The defendants promised to pay back the money with interest but ran away with the money,’’ Takim told the court.

He said the offences contravened Sections 390 (9), 419 and 516, 419 of the Criminal Code, Laws of Lagos State.

He alleged that the offences were committed on March 31, 2008 at 15, Omotayo St. off Allen Avenue, Ikeja.

The Magistrate, Mrs. A. O. Adedayo, granted the accused bail in the sum of N200,000 with two sureties in like sum and adjourned the case till Aug. 25 for mention.