Former MD of Cashcow Microfinance Bank Limited, Mrs Titilayo Adesanya, a director of the bank Olufemi Tinuoye and one Oluwakemi Adebayo were today arraigned before a Yaba Chief Magistrate Court on two count criminal charge of conspiracy and stealing of the sum of N14,500,000 of their employer – Cashcow Microfinance Bank Limited.
The offences alleged to have been committed by the accused persons are contrary to and punishable under Section 285(7) of the Criminal Laws of Lagos state of Nigeria 2011.
When the charges were read to the accused persons, they all pleaded not guilty.
Consequently Barrister Banji Baruwa who appeared for all the accused persons orally applied for bail on their behalf on liberal terms.
However, the prosecutor, Sergeant Benedict Aigbokhan opposed the bail application on liberal terms on the ground that some of the accused persons are still at large and that it took the police considerable time and effort before the present accused could be apprehended.
He therefore urged the court to impose bail condition that will enable the accused persons to come for trial.
The presiding Chief Magistrate, P. O. Ojo in his ruling granted bail to each of the accused persons in the sum of N500,000 with two sureties in like sum.
Each sureties must deposit the sum of N250,000 with the Registrar of the Court and produce verifiable evidence of residence in Lagos State together with proof of payment of tax clearance for three years.
The Chief Magistrate, thereafter adjourned the case to 12 October 2015 for the prosecution to call its witnesses.
The accused persons are to be remanded in prison custody until the conditions of their bail are perfected.