Allen Macaulay, a 46-year-old man was on Monday arraigned before a Chief Magistrates Court in Port Harcourt, Rivers State for alleged theft.
The businessman is alleged to have stolen marine equipment valued at over N4m, property of Fymark marine and oil services company Nigeria Limited.
According to a court document, the suspect committed the offence at the company premises at the Government Reservation Area(GRA) of Port Harcourt, in March, 17.
He pleaded not guilty to the two-count charge of theft and unlawful conversion of properties slammed on him and was granted bail with a surety.
Granting the suspect bail, the presiding magistrate Sokari Andrew-Jaja said the surety must be a renown businessman or a worker in the rank of manager in a reputable company who must be resident in Port Harcourt and must present evidence of tax payment of the last three years and must deposit a cash sum of N300,000 with the registrar of the court.
Macaulay was represented by in the court by a lawyer.
The case was adjourned till February 6, for hearing.
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