Four men on Monday appeared at a Wuse Zone 6 Chief Magistrates’ Court, Abuja, for alleged misappropriation of their employer’s N16.8 million.
The defendants, Gabriel Eriba, Peter Agoon, Bright Ajogbeje and Samuel Oloku, had pleaded not guilty to a three-count charge of criminal conspiracy, breach of trust and cheating.
The Magistrate, Linda Jesse, granted them bail in the sum of N500,000 each with one surety in like sum.
Jesse adjourned the case until Oct. 23 for hearing.
The Prosecutor, Stanley Nwafoaku, had told the court that Muhammed Haladu of ACE Distribution Ltd., reported the matter to the Commissioner of Police, FCT Command on April 24.
Nwafoaku said the matter was later transferred to the Criminal Investigation and Intelligence Department (CIID), Abuja.
He said the complainant told the police that his company discovered, when it was reconciling its account, that the defendants distributed the company’s goods.
He further said that instead of the defendants remitting the money into the company’s account, they converted it to their personal use.
The prosecutor said that during police investigation, the defendants confessed misappropriating some of the money, but not the alleged amount.
Nwafoaku said the offences contravened the Penal Code.