The police on Friday arraigned two men for stealing N7m from an Automated Teller Machine belonging to the First Bank of Nigeria Plc.

The incident was said to have occurred between November 30 and December 1, 2014 at the Lagos State University branch of the bank.

The police said the money was stolen without breaking or damaging the ATM, adding that they suspected that the crime must have been committed by people within the organisation.

According to the police, they suspect one Reginald Osie-Oghaede, an employee of the bank, and one Friday Amuche, a contract security guard posted to the branch.

Osie-Oghaede and Amuche were arraigned at the Lagos Magistrate's Court, Tinubu, Lagos Island, on two counts of felony and theft.

The charges read in part, "That you, Reginald Osie-Oghaede and Friday Amuche, on November 30 and December 1, 2014, at First Bank, LASU, Ojo, did conspire to commit felony to wit; stealing."

Osie-Oghaede and Amuche pleaded not guilty and were granted bail by Mrs. Y.R. Pinheiro in the sum of N200, 000 with two sureties in like sum.

The case was adjourned till January 26, 2015.‎