A Federal High Court in Lagos on Monday reserved ruling until February 6 on a bail application by businessman Lanre Smith charged with $26,000 fraud.
Justice Ibrahim Kala gave the date after hearing arguments from defence and prosecution counsel on the bail application.
The Force Criminal Investigation Department (FCID) of the Nigerian Police arraigned the defendant on January 30.
He is standing trial on a three-count charge of conspiracy, laundering of funds obtained through unlawful activity, and fraud which he pleaded not guilty to.
When the case was called on Monday, ASP Mike Enejere appeared for FCID, while Akin Apara appeared for the defendant.
Mr Apara then informed the court of an application for the bail of the defendant.
He said that the application was brought pursuant to the provisions of Section 115 (2) of the Administration of Criminal Justice Act, 2015, and Section 36 of the 1999 Constitution.
Lagos businessman Lanre Smith remanded in prison over alleged $26,000 fraud
He urged the court to grant the defendant bail on liberal terms.
However, the prosecution counsel, in an 11-paragraph counter-affidavit, prayed the court to deny the defendant bail.
The police alleged that the defendant deceived an American citizen, Lindy Drake, to deposit $26,000 into a US Well Fargo account with the name Wilok Ltd.
The police also alleged that the defendant obtained N10.1 million on the pretext that he deposited the $26,000 into the Well Fargo account.
The alleged offences contravene Sections 1(1)(a), 7 and 7(2)(b) of the Advanced Fee Fraud and Other Fraud Related Offences Act of 2006.
