A 45-year-old car dealer, Kabir Alabede, on Monday appeared before an Iyaganku Chief Magistrates’ Court, Ibadan, for allegedly stealing car sales proceeds valued at N94 million.
The defendant, whose address was not provided, is facing a two-count charge of stealing and conversion.
He, however, pleaded not guilty to the charges.
The prosecutor, Funmilayo Ige, told the court that Mr Alabede committed the alleged offences between February 2025 and December 2025 at Ajimobi Estate, Ologolo, Ibadan.
According to her, the defendant converted N94 million, which were proceeds from the sale of five cars belonging to Abayomi Ogundiran and Adejoke Otuyelu.
She said Mr Ogundiran entrusted three cars valued at N69 million, while Ms Otuyelu entrusted two cars worth N25 million to the defendant for sale.
She said the vehicles belonging to Mr Ogundiran comprised a Toyota RAV4 and two 2022 Foton Tunland vehicles.
The prosecutor identified the two vehicles belonging to Ms Otuyelu as an Infiniti and a Toyota RAV4.
Ms Ige said the defendant failed to remit the proceeds to the complainants but converted the money to his personal use.
According to her, the alleged offences contravene Section 383 and are punishable under Section 390(9) of the Criminal Code Laws of Oyo State, 2000.
The chief magistrate, Olabisi Ogunkanmi, admitted the defendant to bail in the sum of N10 million, with two sureties in like sum.
Ms Ogunkanmi ordered that one of the sureties must own a building, while the second surety must be a blood relative of the defendant.
She adjourned the case until October 26 for hearing.
(NAN)
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