A 44-year-old man, Musa Bonjour, on Monday, appeared before an Ile-Ife Magistrate’s Court for allegedly stealing iron rods valued at N500,000.
The Prosecutor, Insp. Sunday Osanyintuyi, told the court that the defendant committed the offence on July 3, at the Iron Steel and Rolling Comapny, Ibadan Road, Ile-Ife.
Osanyintuyi alleged that the defendant conspired with two others, now at large, to commit felony to wit stealing.
He added that the defendant stole 10 length of 12 iron rod worth N500,000, property of the Iron Steel and Rolling Company.
According to him, the offence contravenes Section 383 and punishable under Sections 390 and 516 of the Criminal Code, Laws of Osun, 2002.
The defendant, who was not legally represented, however, pleaded not guilty to a two-count charge of conspiracy and stealing.
Magistrate Abosede Sarumi granted the bail of the defendant in the sum of N100,000 with two sureties in like sum.
Sarumi said that the sureties must swear to an affidavit of means, reside within the court jurisdiction and possess landed property.
She added that the sureties must present three years tax clearance certificate, as well as, produce three recent passport photographs each.
Meanwhile, the magistrate ordered his remand at the Nigerian Correctional Service, Ile-Ife, pending the perfection of his bail.
The case was adjourned until Aug. 6, for hearing.
