A Project Manager, Joseph Olowe, accused of stealing his employer’s equipment valued at N378million, on Wednesday appeared at an Igbosere Magistrates’ Court, Lagos.
Olowe, 42, was arraigned by the police on a two-count charge of conspiracy and theft, before Mrs. K. K. Awoyinka.
Prosecution counsel Mr. Moruf Animashaun alleged that the defendant and others at large committed the offence in 2015, at the Lagos State Housing Project, Ilubinrin, Ikoyi, Lagos.
The court heard that the defendant stole equipment, which included a Banut hydraulic rig, 600 pile driver Banut and six tonner hammer, all valued at N378million, property of Howard Roark Construction Company Ltd.
Animashaun alleged that the defendant sold the equipment and converted the money realised to his use.
The offence, he added, contravened sections 287 and 411 of the Criminal Law of Lagos State, 2015.
Olowe pleaded not guilty.
Defence counsel Ms D.A. Oyekun applied for Olowe’s bail “in the most liberal terms.”
Ruling, Magistrate Awoyinka granted the defendant N500,000 bail with two sureties in the like sum, among other conditions.
The case continues on September 2.