A Kaduna State High Court has ordered the remand of businessman Vincent Timothy over the alleged issuance of dud cheques worth N20 million.
Justice Darius Khobo gave the order on Monday as the defendant was arraigned before the court to face trial.
EFCC counsel, E.K Garba, had told the court that the defendant committed the offence sometime in January.
Garba stated that the defendant had taken a N20 million loan from Aires Financial Services Limited, which was to be repaid at a later date.
The EFCC counsel said that the defendant later issued five dud cheques to the value of N4 million each, which were all dishonoured as a result of insufficient funds in his account.
Timothy, who is being prosecuted by the Economic and Financial Crime Commission (EFCC), pleaded not guilty to the charge preferred against him.
The judge said that the defendant shall be remanded in the Correctional Centre pending a ruling on his bail application.
Khobo thereafter adjourned the case until May 12, for ruling on the bail application.
He said the offence was punishable under Section 1 (1) (b) of the Dishonoured Cheques Act of the Federal Republic of Nigeria.
The Defence Counsel, A. M. Sunday, however, asked the court to grant the defendant bail, noting that the offence was not a capital offence.
He said that the defendant had voluntarily reported to the EFCC office on April 3, when the anti-graft agency invited him. (NAN)
