A transporter, Godwin Ibe, was on Friday hauled up before a Kaiama Area Court in Kwara for allegedly defaulting in a N2.5 million loan repayment.
Ibe was arraigned before Justice Ahmed Yahaya on a two-count charge of criminal breach of trust and cheating.
The offences, according to the prosecution, contravened Sections 312 and 322 of the Penal Code.
At the arraignment of the accused, the prosecutor, Insp. Abdulrahman Mahmud of the Nigerian Security and Civil Defence Corps (NSCDC), told the court that the accused had on June 27, 2010 obtained a N1.5 million loan from Asiri Ayo Multi-purpose Cooperative Society.
He said the accused defaulted in the payment of the loan and that the interest had pushed the amount to N2.5 million.
The News Agency of Nigeria (NAN) reports that when Ibe’s plea was taken, he pleaded guilty.
He, however, pleaded for more time to enable him to repay the loan.
In his ruling, Yahaya granted the accused bail in the sum of N2 million with a surety in like sum.
He said the surety must submit a proof of ownership of a landed property in Kaiama as part of the bail conditions.
The case was adjourned till June 26 for mention. (NAN)