A secondary school bursar, Richard Olaleye, who allegedly defrauded the school of N705,000, on Thursday appeared before an Ikeja Chief Magistrates’ Court. Olaleye, 44, who resides at No. 9, Salami St., Maidan, Mile 2, a Lagos suburb, is facing a two-count charge of stealing and fraudulent use of accounting.

According to the prosecutor, Insp. Simon Imhonwa, the accused committed the offences between June, July and August 2015 in the school located at No. 27, Mary St., Irawo, Ikorodu. Imhonwa said the accused, who was in charge of payments and accounting records of the school, converted a total sum of N705,000 from the school’s coffers to personal use.

He said the accused in an attempt to cover up the fraud, destroyed several receipt booklets belonging to the school. “The alleged missing fund was discovered following a quarterly audit done by officials of Pillar Private School,” Imhonwa said. He said the offences contravened Sections 285 and 335 of the Criminal Law of Lagos State, 2011.

Reports show that Section 335 provides a seven-year imprisonment for offenders. In her ruling, Magistrate Bola Osunsanmi granted the accused bail in the sum of N100, 000 with two sureties in like sum and adjourned the case to Nov. 23.