The defendant, 53, alongside his company, was charged before Magistrate F. O. Botoku.
The prosecutor, Chinedu Njoku, told the court that the defendant committed the offence on April 5.
The offence, he said is punishable under section 285 (5a) of the Criminal Law of Lagos State, 2015.
Njoku said the incident occurred at 2, Tinubu Street, Lagos Island.
According to him, at about 11a.m the defendant fraudulently converted N10 million belonging to a bank, which was deposited into his account by Telecorev Nigeria Limited on March 31.
The prosecutor told the court that the defendant’s account was last used by him in 2016.
He said he suddenly got an alert from the bank, he transferred the entire money into his account in another bank and used it in paying off his debts.
The defendant, during his arraignment, told the court that on March 31, he received an alert of N10 million.
He said he thought the money was from one of his customers or debtors.
The defendant, however, pleaded not guilty to the charge.
Magistrate Botoku granted him bail in the sum of N1 million with two sureties in like sum.
She said the sureties must be gainfully employed and show evidence of payment of tax to Lagos State government with verification of addresses.
Botoku, however, adjourned the case to December 19 for a mention. SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>