A Director, Olumuyiwa Oke and Webhaphtic Intelligence Ltd. were on Thursday arraigned in an FCT High Court sitting in Gwagwalada, Abuja, for allegedly misappropriating N29. 2 million meant for research.

The Economic and Financial Crimes Commission charged Oke and his company, Webhaphtic Intelligence Ltd. on one count of misappropriation.

The Prosecution Counsel, Nguper Tertsua alleged that the defendant being the Director of Wepnaphlic Intelligence Limited, sometime in 2019 was entrusted with the sum of N29, 206 million.

Tertsua said that the money was meant to be invested into the defendant’s company for research by Jennifer Fatunbi, which he dishonestly misappropriated.

The prosecutor said the offence contravened the provision of Section 311 and punishable under Section 312 of the code.

The defendant, however, pleaded not guilty to the charge.

The Defence Counsel, Abdullateef Muhammad prayed the court to grant his client bail pending the hearing and determination of the case.

Muhammad cited Sections 35, 36 (5) of the constitution of the Federal Republic of Nigeria as altered, and Section 165 (1) of Administration of Criminal Justice Act (ACJA) to buttress his claims for bail.

The Judge, Justice Aliyu Shafa admitted the defendant bail in the sum of N2 million with one surety in like sum.

Shafa said that the surety must reside within the jurisdiction of the court and must depose an affidavit of means.

He adjourned the case until September 26, for hearing.