Justice Mojisola Dada of the Special Offences Court, Ikeja, Lagos, is set to commence the trial of the Chairman of Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, Mr Fatuyi Yemi Philips on 28th April 2022.
Fatuyi, who was in earlier proceedings granted N20 million bail by the court is been charged alongside his firm, Oceanview Oil and Gas Limited for an alleged N43 million fraud.
The defendant, who facing a two-count charge bordering on obtaining money by false pretence to the tune of N43,502,000 was first arraigned by the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on April 7, 2022.
According to the charge: “Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September 2016 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation that you would sell to WAPCIL Nigeria Limited $98,870.00, a representation you knew to be false.”
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The charge further reads: “Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September 2016 at Lagos, within the jurisdiction of this Honourable Court, stole the sum of N43, 502,000.00, property of WAPCIL Nigeria Limited.”
He, however, pleaded “not guilty” to the charges.
At today’s proceeding, defence counsel, Olarenwaju Ajanaku moved the bail application of the defendant dated April 7, 2022.
“We urge your lordship to admit the first defendant applicant to bail and for such other order as your lordship may make,” he said.
He further argued that the defendant by the 1999 Constitution was “presumed innocent of all charges until proven otherwise”.
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Opposing the bail application, counsel for the EFCC, I.N. Ubabudu, urged the Court to “dismiss the application for lacking in merit”.
Ruling on the bail application, Justice Dada granted the defendant bail in the sum of N20 million with two sureties in like sum who must be resident within the jurisdiction and must present three years’ evidence of tax payment. A lien was also ordered to be placed on their respective bank accounts.
The defendant was further ordered to submit his international passport to the custody of the respondent.
The case has been adjourned till June 17, 2022, for trial.
