The court heard that the accused collected the money from the complainant, Mr Adekunle Kuti, to import some building materials from Italy to be supplied to him.
Olawale, 62, who resides in Akute area of Ogun, is being tried for conspiracy, stealing and obtaining money under false pretences.
The Prosecutor, Sgt. Donjor Perezi, told the court that the accused committed the offences sometime in February at Sowemimo Street, Ikeja.
Perezi said the accused collected the money from the complainant, Mr Adekunle Kuti, to import some building materials from Italy to be supplied to him.
He said the accused had no intention of supplying the complainant with the building materials (listo plate and scaffolding) as he converted the money to his personal use.
“The accused, who had invested the money in a business, started giving the complainant excuses.
“When the complainant got tired of the excuses, he reported the case to the police and the accused was arrested,” he said.
The offences contravened Sections 287, 314 and 411 of the Criminal Law of Lagos State, 2015.
The News Agency of Nigeria (NAN) reports that Section 287 prescribes a three- year jail term for stealing, while Section 314 stipulates a 15-year jail term for obtaining money by false pretences.
The accused, however, pleaded not guilty to the charge.
The Magistrate, Mrs O.A. Layinka, granted him bail in the sum of N1 million with two sureties in like sum.
Layinka said the sureties should be gainfully employed with an evidence of two years’ tax payment to the Lagos State Government.
He adjourned the case until September 25 for mention.