A forty-year old oil executive, Miss Yinka Olagbaju, yesterday pleaded not guilty to a two-count charge of issuing dud cheques amounting to N125 million to Intercontinental Bank Plc.
Miss Olagbaju, who is the chief executive of Pro-Oil Nigeria Limited, was arraigned by the Economic and Financial Crimes Commission (EFCC) at a Lagos High Court, Ikeja.
The commission said the accused issued the Ecobank Nigeria Plc cheques "fraudulently and knowingly with intent to defraud."
The offences are contrary to Section 1(1) (a) of the Dishonoured Cheques (Offences) Act, Cap. D11 Laws of the Federation of Nigeria, 2004.
She was, however, granted bail on liberal terms by Justice Morenike Obadina, following the decision of the EFCC lawyer, Mr. Ben Ubi, not to oppose the bail application made by her lawyer, Mr. Seth Ikenge.
Justice Obadina ordered that she should be reminded in EFCC custody pending she would be able to meet her bail condition.
She was granted bail in the sum of N500,000, including two sureties, one of whom must be a civil servant on grade level 12 and above is fulfilled.
One of the sureties, the court said, must own a landed property in Lagos, which must be verified by the Police and court registrar.
Trouble began for Miss Olagbaju when she could not liquidate a loan of N146.8million she took from a new generation bank in July 2005.
The bank had told investigators that Miss Olagbaju "gave a personal guarantee as security for the loan with an Irrevocable Letter of Domiciliation of Payment but reneged on the loan agreement and arrangements."
Though part of the loan was paid, in a bid to offset the remaining facility, she issued two Ecobank cheques - the subject of litigation.
The matter was adjourned till November 26 for trial.
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