A businesswoman, Loretta Olenloa,34, who allegedly defrauded Solak Industries Ltd of N2.2 million, was on Tuesday granted N500, 000 bail by an Ikeja Magistrates’ Court in Lagos.

The Chief Magistrate, Mrs Omolade Awope, granted Olenloa bail in the amount with two sureties in like sum.

She ordered that the sureties must be gainfully employed and must show evidence of tax payment to the Lagos State Government.

Olenloa, who resides at No. 8, Rev. Kwarpouwe St., Agboyi Ketu, Lagos, is facing a two-count charge of presentation of dud cheque and stealing.

She had, however, pleaded not guilty to the charge.

The Prosecutor, Insp Ezekiel Ayorinde, had told the court that the accused committed the offences on Feb. 19, at about 9.30.a.m. at No. 8, Old Oko-oba Road, Agege, Lagos.

He alleged that the accused collected 280 bags of Honey well flour valued at N2.2 million from the company and gave them a UBA cheque.

“The cheque was dishonoured on presentation due to insufficient funds in the account,’’ the prosecutor said.

Ayorinde said the offences contravene Sections 285 and 313 of the Criminal Law of Lagos State, 2011.

The News Agency of Nigeria (NAN) reports that Section 313 prescribes a 15- year jail term for offenders.

The magistrate adjourned the case to June 17 for mention.