Olunloyo was arraigned on two counts alongside his entertainment firm, Code Media Limited, before the Lagos State Magistrates’ Court in Igbosere.
The police claimed that the defendants approached a financial institution for a loan facility and “with intent to defraud, obtained the sum of N40m” property of the complainant.
The police alleged that Olunloyo falsely represented to the financial institution that the money was “to facilitate the renovation of his company’s entertainment premises and hall.”
He was alleged to have, however, diverted the money.
The prosecuting counsel for the police, Sylvester Azubuike, told the court that Olunloyo and his firm committed the offence “sometime in November 2014,” in connivance with some accomplices still at large.
Azuibuike told the Magistrate, O. O. Oshin, that the defendants acted contrary to sections 312(1)(b), 312(3) and 409 of the Criminal Law of Lagos State, 2011.
But upon reading the charges to them on Monday, the defendants pleaded not guilty.
The defence counsel, Seyi Soremekun, pleaded with the court to admit Olunloyo to bail on self-recognizance or in liberal terms.
In his ruling, the magistrate, who noted that Olunloyo was facing another criminal case before her, granted him bail in the sum of N500, 000 with one surety in like sum.
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