The defendant was arraigned for stealing N1.48 million from Maydon Pharmaceutical Ltd.
An Ikeja Magistrates’ Court has arraigned a 29-year-old pharmaceutical sales representative, Chibuzor Madumelu, on Tuesday for allegedly stealing his employer’s N1.48 million.
The police charged Madumelu, whose residential address was not given, with theft.
He pleaded not guilty to the charge.
The Prosecution Counsel, Kenrich Nomayo, told the court that the defendant stole N1.48 million from Maydon Pharmaceutical Ltd.
Nomayo told the court that the defendant committed the offence between January and September at 15 Wilmer Street, Ilupeju, Lagos.
The prosecutor alleged that the defendant diverted the company’s money to his personal use.
The prosecutor said the offence contravenes the provisions of Section 287(7) of the Criminal Laws of Lagos State, 2015.
Magistrate Elizabeth Adeola admitted the defendant to bail in the sum of N500,000 with two sureties in like sum.
Adeola ordered that the sureties must be gainfully employed and have evidence of two years’ tax payment to the Lagos State Government.
The magistrate adjourned the case until November 17 for hearing.