Bright faces a 21-count charge of stealing, arising from a business fraud that works like America’s Ponzi Scheme.
The EFCC prosecutor, Mr Emmanuel Jackson, said Bright had between January and December 2010 at Abule Egba, a Lagos suburb, collected the N390 million,(about $2.5million) using his company Wexford Global Resources Ltd as the investment vehicle.
He alleged that Bright had collected various sums, ranging from N10, 000 to N615, 000 from different people with the promise to re-invest the funds for high returns.
The prosecutor named those allegedly swindled as Mr Toyin Peter, Mr Afolabi Oluwaseun, Mr Amos Ogunsawo, the Rev. Olusoji Adegboyega and Mrs Victoria Salako.
According to him, Bright’s offence contravenes Sections 383 (1) and (9) of the Criminal Code, Laws of Lagos State.
The accused, however, pleaded not guilty to the charge.
Justice Habeeb Abiru ordered the accused to be remanded in prison custody pending the hearing and determination of his application for bail.
Jackson, while opposing the bail application, described Bright as a serial perpetrator of fraud, who had similar cases with the EFCC in other courts.
He said the accused would soon be arraigned in other states for similar offences.
The case was adjourned to Thursday for ruling on the bail application.
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