Justice Darius Khobo of a Kaduna State High Court on Monday ordered the remand of businessman Vincent Timothy for issuing dud cheques totalling N20 million.
Timothy, who is being prosecuted by the Economic and Financial Crimes Commission (EFCC), pleaded not guilty to the charge.
“The defendant shall be remanded in the correctional centre pending ruling on his bail application,” the judge ruled.
The case was adjourned until 12 May for a ruling on the bail application.
Earlier, EFCC counsel E. K. Garba informed the court that the offence took place in January, when the defendant obtained a N20 million loan from Aires Financial Services Limited, repayable at a later date.
Garba disclosed that Timothy subsequently issued five cheques of N4 million each, all of which were dishonoured due to insufficient funds in his account.
Defence counsel A. M. Sunday requested bail for the defendant, noting that Timothy had voluntarily reported to the EFCC on 3 April after being invited by the agency.