A 25-year-old man, Ugochukwu Martins, has been arraigned before an Ile-Ife Magistrates' Court for allegedly stealing 300kg of iron scrap valued at N2 million.

The News Agency of Nigeria (NAN) reports that the defendant, whose address was not provided, pleaded not guilty to charges of forceful entry and stealing.

The prosecutor, Inspector Sunday Osanyintuyi, told the court that the defendant committed the offences on January 15, 2026, at 1.30 a.m. at Iron and Steel Rolling Company, Fashina Area, Ile-Ife.

Osanyintuyi alleged that Martins stole the company's iron scrap, valued at N2 million.

He said the act contravened Sections 383, 390(9) and 412 of the Criminal Laws of Osun, 2002.

The defendant's counsel, Mr Oluwadamilare Ogundiran, applied for bail on liberal terms, pledging that his client would not abscond.

The Magistrate, Mrs Abosede Sarumi, granted the defendant bail in the sum of N200,000 with two sureties in like sum.

Among other conditions, the court ordered that the sureties be landed property owners and provide evidence of tax payments for the past three years.

She added that they must also present their most recent utility bills, three recent passport photographs and a valid form of identification.

The case was adjourned until January 26, 2026, for hearing.