The accused is facing a three-count charge of fraud, stealing and issuing a dud cheque.
The prosecutor, Insp Emuerhi Benson told the court that the Ogunyemi fraudulently obtained the money from the complainant, Mr Peter Ojimba.
He said that the offence was committed sometimes in October 2012 at Orile Iganmu, Lagos.
Benson said that the accused, under the representation that the money would be returned within six weeks, obtained the amount-- knowing same to be false.
Benson also said that the accused issued a UBA cheque No. 1015584448 to the complainant on Nov. 30, 2012 as settlement for the loan but it was dishonoured due to insufficient funds.
The prosecutor said that the offences contravened Sections 278 and 312 of the Criminal Code, Laws of Lagos State 2011 and Section 1(2) of the Dishonoured Cheque Offences Act, Laws of the Federation of Nigeria, 1990.
If convicted of fraud, Section 312 provides a maximum of 15 years imprisonment for the offence.
However, the accused pleaded not guilty to the charges.
The Magistrate, Mrs B.O. Osunsanmi, granted the accused bail in the sum of N500, 000 with two sureties in like sum and adjourned the case till May 8 for mention.
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