The EFCC alleged that the money, $200,000, belongs to the Insurance Brokers of Nigeria (IBN).
According to EFCC counsel, Mr U.U. Buhari, Adu committed the offence in 2014 in Lagos State.
“The defendant dishonestly converted to his use, the sum of $200,000 belonging to Insurance Brokers of Nigeria (IBN),” Buhari said.
He alleged that the defendant used his position as a bank’s relationship officer to the complainant, IBN, to steal the money.
The offence contravenes Section 287 of the Criminal Law of Lagos, 2015. The defendant, however, pleaded not guilty to the offence.
While ruling on the case, Justice Oluwatoyin Taiwo before adjourning the case till May 4 for trial, granted the defendant bail in the sum of N20 million with two sureties in like sum.
She also ordered that one of the sureties must own a landed property, be a relation of the defendant, reside in Lagos State and show evidence of tax payment.