TWO oil marketers, Yusuf Kwande and Osahon Asemota, have been arraigned by the Economic and Financial Crimes Commission (EFCC) for allegedly stealing 6.4m metrics tonnes of Automated Gas Oil said to worth $8.4m.
The duo was arraigned alongside five companies- Trafigura Beheer BV, Trafigura PTE Ltd, Mettle Energy and Gas, Rembrandt Ltd. and Jil Engineering and Oil Services Limited.
They were arraigned on three counts of conspiracy, stealing and receiving stolen property before Justice Mojisola Dada of an Ikeja Special Offences Court.
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The EFCC, in the charges, accused the defendants of fraudulently converting 6.4m metric tonnes of Automated Gas Oil at the office of Trafigura Beheer BV located at 20A Sinaro Daranijo Street, off Ligali Ayorinde Street, Victoria Island, Lagos.
According to the prosecution counsel for the EFCC, Mr Rotimi Jacobs (SAN), the stolen AGO worth $8,442,806.094, was a property of Nadabo Energy Limited kept in the legal custody of the now defunct Spring Bank on Victoria Island.
He further told the court that the defendants committed the offences of stealing from October 22, 2008, to December 15, 2008, adding that they acted contrary sections 383(1), 427 and 516 of the Criminal Code, 2004.
When the charges were read to them, the defendants pleaded not guilty.
Following their plea, counsels to the defendants sought to move their bail applications.
Counsel for the 3rd defendant (Kwande), Prof. Taiwo Osipitan (SAN), urged the court to grant him bail in most liberal term but the Prosecution opposed the bail.
Granting the request of the defendant, Justice Dada held that the factors before the court are in favour of the 3rd defendant and thereafter admitted him to bail in the sum of N2m with two substantial sureties in like sum.
She added that one of the sureties must be a landed property owner and of which they are to submit their title documents to the court and the defendant should deposit his passport to the prosecution.
She further released the defendant to the custody of his counsel, Prof. Osipitan (SAN) pending the perfection of the bail application.
Counsel to the sixth defendant, (Asemota) Osahon Idemude, also urged the court to grant his client bail on reasonable term but Jacobs opposed the application on the ground that the defendant failed to submit himself willingly for arraignment.
He added that while the defendant claimed that he was sick, he held a press conference denying the charges against him.
Justice Dada upheld the objection of the prosecution and ordered that the defendant be remanded in prison pending the outcome of the trial.
She adjourned the matter till December 10,11,13, 2018 for the continuation of trial.
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