The Economic and Financial Crimes Commission, EFCC, on Wednesday, arraigned a businessman, Michael Chibuzo, for the alleged issuance of a N8.5 million dud cheque.

EFCC charged Chibuzo, alongside his firm, Two Stars Enterprise Ltd., at a Kaduna High Court, with the issuance of dud cheques and fraud.

The EFCC Counsel, Nasiru Salele, told the court that the defendant committed the offences on January 2.

According to Salele, the defendant, who was the Managing Director of Two Star Enterprise Ltd, took a loan of N8.5 million from the complainant, Rita David.

The prosecution said for the repayment of the loan, the defendant issued David a post-dated GT Bank cheque of N8.5 million to be cashed after two months.

He added that the cheque was, however, dishonoured when it was presented at the bank and all efforts made by the complainant to get her money back were abortive and unsuccessful.

Salele said the offences contravened the Advanced Fee Fraud and Other Related Offences Act 2006.

The defendant pleaded not guilty to the charges.

The defence counselor, Gabriel Ede, applied for bail on behalf of his client, stating that the defendant would not jump bail and would provide the bail conditions as required.

The prosecution, however, did not oppose the bail application.

The Judge, Justice M. Tukur, granted the defendant bail in the summer of N2 million with two sureties in like sum.

According to the judge, one of the sureties must be a blood relation of the defendant and the second must have a landed property in Kaduna with genuine land document.

Tukur added that the sureties must reside within the court’s jurisdiction and adjourned the case until April 30 for a hearing.