A retired Navy Capt. Jerry Ogbonna, 63, who allegedly defrauded two banks of N90m, was on Monday remanded in the custody of the Economic and Financial Crimes Commission.
Justice Oluwatoyin Ipaye of an Ikeja High Court ordered that Ogbonna should be remanded following his plea of not guilty to the two-count of obtaining money under false pretences.
Ipaye adjourned the case until July 4 and 5 for trial.
The accused and his company, Obyke Consult Ltd., are being prosecuted by the EFCC over alleged fraud.
Miss Zainab Ettu, counsel to the anti-graft agency, said that Ogbonna allegedly committed the crimes between April and August 2012.
Ettu alleged that within the period, Ogbonna fraudulently received N45m from Fidelity Bank and another N45m from Diamond Bank.
She said the accused claimed that the money was mobilisation fees from the Department of Petroleum Resources.
Mr A. A Ossai, the defence counsel, urged the court to allow Ogbonna to remain in EFCC custody and not prison custody till next hearing date when his bail application would be heard.