Chinedu Oguike, a former Manager of Diamond Bank Plc., has been remanded to prison custody.

The man was ordered to be remanded in prison by the Federal High Court in Ikoyi, Lagos over a N24 million fraud charge.

According to Sahara Reporters, Justice Abdul Aziz Anka gave the ruling on Tuesday when the defendant was arraigned by the Police Special Fraud Unit for a three-count charge bordering on conspiracy, obtaining money under false pretense, and advance fee fraud.

CSP Effiong Asuquo, the force prosecutor, accused Mr. Oguike of defrauding one Ufomba Nnabugwu of N24 million on the pretense that he would secure a property for Mr. Nnabugwu in the Ijegun area of Lagos State. The defendant was also accused of awarding a loan to himself with fictitious collateral under the name Edwin Obele Ezeakachukwu.

The offenses, which were allegedly committed in 2014, contravene the provisions of Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006 and punishable under Section 1(1)(a)(3) of the same Act as well as Section 1(2)(c) of the Miscellaneous Offences Act Cap. M17 Laws of the Federation of Nigeria 2004.

The defense counsel, John Itodo, made an oral bail application after his client had pleaded not guilty to the three-count charges levied against him. He urged the court to grant bail to his client because he had been on bail before the magistrate and did not default on the conditions of bail granted earlier.

Mr. Itodo added that the matter had been ongoing at the Magistrate Court for about two years before it was withdrawn and brought before the Federal High Court.

Mr. Itodo argued that the prosecutor took his client by surprise, having just been informed this morning that the case had been withdrawn from the Magistrate Court and was being filed before the Federal High Court.

In favor of the defense counsel, who opposed the plea for bail, Justice Anka ruled that a proper application for bail be filed before the court. The judge adjourned the case to September 6.