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The Magistrate, Mrs M. B. Folami, granted bail to 34-year-old Chulks Loke, who was also charged with stealing N25,000.
The accused, who resides at Egan, Igando, Lagos, is facing a count charge, but he pleaded not guilty.
The Prosecutor, ASP Nicholas Atumonye, had told the court that the accused stole the phone and money from Mr Kehinde Elegbede.
The prosecutor said that the accused committed the offence on Jan. 27 at Igando, a suburb of Lagos.
Atumonye said that the offence contravened Section 285 of the Criminal Law of Lagos State, 2011.
The section prescribes three years imprisonment for stealing.
The court adjourned the case till March 3 for mention.
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