A project manager, Joseph Olowe, accused of stealing his employer’s equipment valued at $1 million, Wednesday appeared before 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 in Ilubiri, 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 $1m, property of Howard Roark Construction Company Ltd.
Animashaun alleged that the defendant sold the stolen equipment and converted the money realised from its sale 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.”
In a bench 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.