On Thursday, Justice Mobolanle Okikiolu-Ighile, ordered Iyanya Mbuk to produce a surety in the like sum, who should also have landed property in Lagos with a Certificate of Occupancy.
The judge went on to warn Iyanya about the consequences of the bail term saying the bail shall be revoked if not perfected within seven days.
Justice Okikiolu-Ighile said: “I have perused the affidavit and the counter-affidavit of the parties; there is a prima facie case of criminal conversion against him.
“However, there is nothing to show that the defendant will interfere with the proceedings of this case and nothing to show that he will jump bail if granted bail.
“Bail is therefore granted to the defendant in the sum of N20 million with one surety in the like sum.”
The judge adjourned till May 27 and 28 for trial.
According to prosecution counsel, Mr. Chukwu Agwu, a Superintendent of Police (SP), Iyanya allegedly committed the offence sometime in September 2018.
The singer is said to have dishonestly converted to his use or of another person, a Black Toyota Land Cruiser Prado Sports Utility Vehicle (SUV) marked MAVINIY, with Chassis and Engine numbers JTEBX7FJ7EK165480 and 2TR1385954 belonging to The Temple Management Company Ltd, represented by a lawyer, Ayodeji Olomojobi.
The offence, according to the prosecutor, was contrary to Sections 278(1) (b), 279(1)(2) and punishable under Section 285(10) of the Criminal Law of Lagos State, 2011.