Dare Osamo, the former Managing Director of aviation fueling company Star Orient Nigeria Ltd, appeared before an Ikeja High Court on Wednesday to answ
Dare Osamo, the former Managing Director of aviation fueling company Star Orient Nigeria Ltd, appeared before an Ikeja High Court on Wednesday to answer charges related to an alleged N1.6 billion fraud.
Osamo faces an 11-count charge brought by the Directorate of Public Prosecution, DPP, which includes accusations of obtaining money under false pretenses, theft, and forgery. He denied eight of the charges.
Also arraigned with Osamo was Bisola Olore, a lawyer who is charged with three counts of conspiracy and obtaining money by false pretenses. Olore also pleaded not guilty.
Adetutu Oshinusi, the lead prosecution counsel, informed the court that the alleged offenses occurred between 2016 and 2019, during which time both defendants were in key positions at Star Orient Nigeria Ltd.
Oshinusi further alleged that on January 19, 2016, the defendants signed a company board resolution and presented it to First City Monument Bank, claiming it as the company’s official authorization to open a bank account.
“The duo fraudulently secured a debenture in the sum of N300 million and fraudulently authorised borrowing of N100 million by Fund Quest Financial Services Ltd against the assets of Star Orient Ltd,” Adetutu said.
Stating further, she said, “That resolution authorised the removal of Adegbayemu Nike as the Secretary of Star Orient Nig. Ltd and appointed the co-defendant, Olore, as the Secretary of the company.”
The charges are said to breach Sections 287(8), 314(3), 365(1), and 411 of the Criminal Law of Lagos, 2015.
In his defense, Lawal Pedro (SAN), representing Osamo, requested that the court grant bail under lenient conditions. He pointed out that Osamo had been previously granted administrative bail by a magistrate court and had fully adhered to its conditions.
“Even from his sickbed, he walked in to attend this trial. I urge your lordship to grant bail to the applicant,” Pedro said.
He also requested that the court grant bail to Olore, emphasizing the presumption of innocence.
In response, Adetutu objected to the bail application, stressing the gravity of the charges against the defendants.
“They are serious offences which carry not less than seven years on each count. The defendants are likely to abscond. We urge the court to deny them bail and grant an accelerated hearing,” Adebutu said.
Justice Oyindamola Ogala granted bail to the first defendant, Osamo, in the amount of N20 million, with two sureties each required to provide the same sum. Olore was granted bail of N10 million, also with two sureties.
Both defendants must meet the following conditions: surrender their international passports to the court, provide sureties with proof of financial capacity, and present evidence of owning landed property in Lagos.
Star Orient Nigeria Ltd is a multinational energy and commodities company operating across West Africa.
Osamo is accused of embezzling N1.6 billion from the company’s funds and is alleged to have forged the signature of Olanrewaju Bamgbose on a board resolution dated May 2, 2018. The trial was scheduled for February 2, 2022.
Adetutu, the lead prosecutor, serves as a director in the Directorate of DPP
