Man remanded for alleged N10m car theft

A 38-year-old man Segun Oladeyo was on Wednesday remanded following his arraignment before a Lagos Magistrate Court sitting in Igbosere for allegedly stealing a car worth N10m.

Oladeyo whose residential address was not given is facing two counts bordering on conspiracy and stealing preferred against him, by the police.

The prosecutor, Inspector Cyriacus Osuji, told the court that the defendant conspired with others who are now at large to commit the alleged offences.

Osuji told the court that Oladeyo committed the offences on December 4, 2024, at about 10:30 am, adding that the incident took place at Adekola Balogun Street, Marwa, Lagos.

He said the defendant stole a Toyota 4Runner SUV, with registration number KRD  764 FX, valued N10m, property of Sayeed Farms Limited.

According to the prosecutor, the offences committed contravened Sections 411 and 287 (7) of the criminal laws of Lagos state, 2015.

However, the defendant pleaded not guilty to the charges against him.

The magistrate, Mrs O. Wahab, granted the defendant bail in the sum of N1m, with two sureties in like sum.

She ordered that the sureties must be gainfully employed, one of who must be a blood relation.

Wahab ruled that the sureties must show evidence of tax payment to the Lagos state government and bust reside within Lagos.

She further ordered that the addresses of the sureties must be verified.

Meanwhile, the defendant was remanded at the Ikoyi Correctional Centre, pending when he is able to perfect his bail conditions.

Consequently, she adjourned the case till February 6, 2024, for mention.