Justice Sedoten Ogunsanya remanded Adenuga, 50, at the Kirikiri Maximum Prisons, Apapa, Lagos, after his arraignment by the Economic and Financial Crimes Commission (EFCC).
The News Agency of Nigeria (NAN) reports that Adenuga was arraigned alongside his company, Covenant Apartment Complex Ltd.
The defendants are facing a three-count charge bordering on stealing, forgery and use of false documents.
The EFCC counsel, Mr. Jamiu Musa, alleged that they had between February 2008 and September 2011, fraudulently converted to their own use, a land measuring about 22.68 hectares.
Musa said the property, situated at Ayetoro, Ikota in the Lekki area of Lagos, was jointly owned by Covenant Sugarland Property Development Ltd and Messrs Sunday and Joseph Oyeniran.
He also accused the defendant of forging a document titled, “Contract of Sale between Covenant Apartment Ltd and Kingview Realty Ltd,” to facilitate the theft.
According to him, the said document was later presented by Adenuga to an EFCC officer, Mr. James Buzugbe, as genuine.
Jamiu said the defendant’s alleged offences contravened Sections 278 (1) and 285 (b) of the Criminal Law of Lagos State, 2011.
Adenuga, however, pleaded not guilty to the charge.
In a short ruling, the judge turned down the request and ordered that both parties should return to the court on May 21 to argue the bail application.
She also fixed July 13 and July 14 for trial. (NAN)