Man, 32, Arraigned In Ibadan Over Alleged Theft Of Car Used As Loan Security

The defendant, Olorode, pleaded not guilty to the two-count charge read to him by the court. The charges relate to alleged conspiracy and the theft of a Toyota Corolla car reportedly used as security for a N5 million loan.

The Prosecutor, Inspector Ayodele Ayeni, informed the court that the alleged incident occurred on April 20, 2026, at about 1:30 p.m. at ICT Hub, Mokola area, Ibadan, Oyo State.

According to the prosecutor, Olorode allegedly conspired with another person currently at large to unlawfully take possession of a Toyota Corolla car. The vehicle was reportedly pledged as security to obtain a N5 million loan from Trivista Capital Limited, a registered finance company.

Inspector Ayeni further alleged that after taking the vehicle, the defendant proceeded to change the chassis number of the car. The prosecution stated that the chassis number was altered to INXBR32EX6Z632459, an act which forms part of the basis for the stealing charge.

The prosecutor told the court that the offences contravened Sections 516 and 390(9) of the Criminal Code Law, Cap 38, Laws of Oyo State, 2000. Section 516 deals with conspiracy, while Section 390(9) relates to stealing of property, which under Nigerian law is punishable upon conviction.

When the charges were read, Olorode entered a not guilty plea.

His counsel applied for bail on liberal terms, arguing that the defendant is presumed innocent until proven guilty under Section 36(5) of the 1999 Constitution of the Federal Republic of Nigeria.

The prosecutor did not oppose the bail application but urged the court to grant terms that would ensure the defendant’s attendance at subsequent hearings.

In his ruling, the Presiding Magistrate granted the defendant bail in the sum of N500,000 with two reliable sureties in like sum. The court ordered that one of the sureties must be a landowner within the court’s jurisdiction and both sureties must provide verifiable means of identification and evidence of tax clearance.

The court adjourned the matter to 18th June, 2026, for further hearing and possible commencement of trial. The magistrate directed the prosecution to ensure that witnesses are present on the next adjourned date to avoid unnecessary delays.

The case highlights the legal consequences of disputes involving loan agreements and pledged assets, and underscores the importance of due process in resolving financial and property-related matters under Nigerian law.