Diekola is the principal at a private school, Queen Diana College, Oke Odo, Abule Egba, a suburb of Lagos state.
The prosecutor, Insp. Clifford Ogu told the court that the accused committed the offences (fraud and stealing) sometime in July 2014.
Ogu said the accused who resides at 8, Alirat Badejo Street, Oke Odo, in the said area of the state, collected N1.2 million from students under the pretext of enrolling them for the West African Senior Secondary Certificate Examination, WASSCE.
The prosecutor said, "The accused bolted with the money and all efforts to locate him were unsuccessful until he was sighted by one of the teachers and was immediately apprehended."
"The offences violated Sections 285 (1) and 312 (1) of the Criminal Law of Lagos State, 2011.
The accused, however, pleaded not guilty.
The Chief Magistrate, Mrs Taiwo Akanni, in her ruling, granted the accused bail in the sum N500, 000 with two sureties in like sum.
Akanni adjourned the case to June 6 for mention, ordering the accused to pay N250, 000 into the court's Chief Registrar's account as part of the bail conditions.
