Justice Sedoten Ogunsanya granted Adenuga bail in sum of N5 million, with two sureties in like sum.
The judge directed that the sureties must be Lagos State residents and one of them must be a blood relative of the defendant.
She said the sureties must be gainfully employed and produce three years tax clearance payable to the Lagos State Government.
Ogunsanya ordered Adenuga to deposit his international passport and travelling documents with the Chief Registrar of the Lagos State High Court and adjourned the matter till July 13 for trial.
The News Agency of Nigeria reports that Adenuga was arraigned on May 15 alongside his company, Covenant Apartment Complex Ltd., by the Economic and Financial Crimes Commission.
The defendants are facing a three-count charge of stealing, forgery and use of false documents.
The EFCC counsel, Mr Jamiu Musa, alleged that they had, between February 2008 and September 2011, fraudulently converted to their own use, a land measuring about 22.68 hectares.
Musa said the property, situated at Ayetoro Ikota, in Lekki area of Lagos, was jointly owned by Covenant Sugarland Property Development Ltd. and Messrs Sunday and Joseph Oyeniran.
He also accused the defendant of forging a document titled:” Contract of Sale between Covenant Apartment Ltd. and Kingview Realty Ltd., to facilitate the theft.
According to him, the said document was later presented by Adenuga to an EFCC officer, Mr James Buzugbe, as genuine.
Musa said the offences contravened Sections 278 (1) and 285 (b) of the Criminal Law of Lagos State of Nigeria 2011.