Taiwo, along side other accused persons, allegedly stormed the palace with hired thugs who were armed with dangerous weapons.
The other suspects are Chief Waliu Muyideen, a.k.a Agba Akin Ado,55; Santos Omeresu Ayede, 45; Lanre Oke,30; Akeem Yakubu 41 and Yaya Fagbayi 52.
The defendants and others at large who are facing a seven-count charge bordering on felony, conspiracy and stealing, were arraigned before the Chief Magistrate of Court One, Magistrate Demi Ajayi.
The police prosecutor, Barth Nwaokoye, told the court that the defendants committed the offence on April 13, 2013, at about 11 a.m at 1, Baale Close, Ishashi Odan, Iba area of Lagos.
He said the defendants conspired together to commit felony by breaking the window glasses and entrance door with cutlasses and axe, valued at N80,000,adding that after gaining entrance into the palace, they stole N5 million cash belonging to the Baale.
Nwaokoye also alleged that the defendants conducted themselves in a manner to cause breach of peace by invading the palace.
According to the prosecutor, the offence is punishable under sections 409, 337, 305 (a) (b), 306,278,285 and 166 (d) of the criminal law of Lagos State of Nigeria 2011.
The defendants had pleaded not guilty to the seven-count charge proffered against them by the police.
However, Ajayi granted them bail in the sum of N500,000 each with one surety in like sum and adjourned the matter to June 10, 2013 for trial.
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