Sunday, 9 March 2014
EFCC Press Release: Two Suspects Arraigned Over N272.5m Scam
The Economic and Financial Crimes Commission, EFCC, on Tuesday, 13 November 2012, arraigned one Adejugbe Anthony and his company, Tonique Oil Services Limited before Justice Lateefa Okunnu of the Lagos High Court, Ikeja, on a two count charge bordering on stealing and fraud.
The accused person fraudulently converted the sum of N272, 5000,000 (Two Hundred and Seventy Two Million, Five Hundred Thousand Naira ) obtained from Water Gate Petroleum and Gas Limited for the supply five million litres of PMS to defray his liabilities with Sterling Bank without supplying the product for which he was paid.
One of the charge reads: “That you, Adejugbe Anthony and Tonique Oil Services Ltd on or about the 8th of December, 2011 at Lagos with Ikeja Judicial Division stole and fraudulently converted the sum N272,500,000 (Two Hundred and Seventy Two Million, Five Hundred Thousand Naira) property of water Gate Petroleum and Gas Ltd which sum claimed represented payment for 5,000,000 (Five Million) litres of PMS which sum you transferred from your GTB bank account to your Sterling Bank Plc account to defray your liabilities”.
He, however, pleaded not guilty to the charges when read to him. Prosecution counsel, Mrs F. T Giwa prayed the count to give a trial date and remand the accused person in prison custody.
But counsel to the accused person, J. Fabilola urged the court to remand his client in the EFCC custody pending the hearing of his oral application for bail.
Justice Okunnu in her ruling observed that once an accused person was arraigned, the proper place of remand is the prison. She adjourned the matter to 19 November, 2012 for hearing of bail application, and 22 and 23 November 2012 for trial. She also ordered that the accused person be remanded in prison custody.