Justice Ibrahim Kala of a Federal High Court in Lagos on Monday reserved ruling until February 6, on a bail application by a businessman, Lanre Smith, charged with $26,000 fraud.
Kala gave the date after hearing arguments from defence and prosecution counsel on the bail application.
The News Agency of Nigeria reports that the Force Criminal Investigation Department (FCID) of the Nigerian Police had arraigned the defendant on January 30.
He is standing trial on three counts of conspiracy, laundering of funds obtained through unlawful activity, and fraud.
He had, however, pleaded not guilty.
When the case was called on Monday, ASP Mike Enejere appeared for FCID, while Akin Apara appeared for the defendant.
Defence counsel then informed the court of an application for the bail of the defendant.
He said that the application was brought pursuant to the provisions of Section 115 (2) of the Administration of Criminal Justice Act, 2015, and Section 36 of the 1999 Constitution.
He urged the court to grant the defendant bail on liberal terms.
However, the prosecution counsel, in an 11-paragraph counter-affidavit, prayed the court to deny the defendant bail.
The News Agency of Nigeria reports that the police alleged that the defendant deceived an American citizen, Lindy Drake, to deposit $26,000 into a U.S. Well Fargo account with the name Wilok Ltd.
The police also alleged that the defendant obtained N10.1 million on the pretext that he deposited the $26,000 into the Well Fargo account.
The alleged offences contravene Sections 1(1)(a), 7 and 7(2)(b) of the Advanced Fee Fraud and Other Fraud Related Offences Act of 2006.