The police charged Olayinka whose address was not provided with three counts of theft, obtaining goods under false pretences and issuance of a dud cheque.
The prosecutor, Insp Ben Ekundayo told the court that the accused committed the offence in August 2015 at Abijo GRA, Ajah Lagos.
He said that the accused, a butchery business owner, approached the complainant, Abraham Ajayi, the Managing Director of KAMSAC Global Limited, a livestock farm, and asked him to supply 20 cows on credit.
Ekundayo alleged that Olayinka issued Ajayi, a First Bank cheque dated January 30, 2016 with Account No. 2020278126 for N400,000 and promised to pay the remaining N1.6million in instalments over a period of time.
He said that the cheque the accused gave the complainant was dishonoured on grounds of lack of funds in the account.
The prosecution added that the accused refused to pay the complainant the remaining balance of N1.6 million.
He said the offence contravened the provisions of sections 285, 314 and 323 of the Criminal Law of Lagos State, 2015.
Section 285 prescribes three years imprisonment, 314 stipulates 15 years while 323 carries seven years for offenders.
After the charges were read to him, the accused pleaded not guilty.
The Magistrate, Mrs A.M Olumide-Fusika, admitted the accused to bail in the sum of N500,000 bail with two sureties in like sum.
She ordered that the sureties must be gainfully employed, one a relative of the accused and the other a civil servant.
Olumide-Fusika adjourned further hearing in the case until December 10.