A 40-year-old businessman, Isaiah Gabriel, was on Wednesday arraigned in a Kaduna High Court over an alleged N7.5 million fraud.
The Economic and Financial Commission, Kaduna branch, charged Mr Gabriel with fraud.
The EFCC counsel, Nasiru Salele, told the court that the defendant committed the offence sometime in June.
Mr Salele alleged that the defendant collected N7.5 million from Williams Victor to process a Bureau de Change licence for him but converted the said money to his personal use.
The prosecutor said that efforts made by the complainant to get a refund of his money from the defendant proved abortive.
He said that the offence was contrary to Section 344 and punishable under Section 345 of the Penal Code of Kaduna State.
The defendant pleaded not guilty to the charge.
Justice Amina Bello granted the defendant bail in the sum of N1 million with two sureties in like sum.
Mr Bello ordered that the sureties swear to an affidavit and show evidence of tax clearance in the last three years.
She ordered that the sureties and the defendant deposit their recent passport photographs with the court and adjourned the case until January 15, 2024.