The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 2, Ikoyi, on Friday, March 6, arraigned Babatunde Olukunle Oyefolu, Babayemi Isaac Olatunde, Ezekiel Abaki, and Plural Oil Marketing Limited for committing fraud to the tune of N2 billion through oil transactions.
The arraignment took place before Justice Rahman Oshodi of the special offences court in Ikeja, Lagos.
The defendants face a four-count charge accusing them of conspiracy, theft, and possession of stolen property involving 894,111 litres of base oil valued at N2 billion.
One of the counts reads: “That you, Plural Oil Marketing Limited, Babatunde Olukunle Oyefolu, Babayemi Isaac Olatunde and Ezekiel Abaki, sometime in 2021 in Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to unlawfully convert 894,111 litres of base oil, property in which Providus Bank holds a special interest.”
Another count states: “That you, Plural Oil Marketing Limited, Babatunde Olukunle Oyefolu and Babayemi Isaac Olatunde, sometime in 2021 in Lagos, within the jurisdiction of this Honourable Court, dishonestly retained in Plural Oil Marketing Limited’s Keystone Bank account the sum of N2,000,000,000.00 (Two Billion Naira), being funds fraudulently converted.”
All four defendants pleaded not guilty to the charges.
Following the pleas, prosecution counsel Z. B. Atiku requested a trial date and urged the court to remand the accused in a correctional facility pending trial.
Defence counsel, Dr. Suleiman Usman, SAN, informed the court that bail applications had been filed for the defendants and served on the prosecution.
He urged the court to grant bail on liberal terms, assuring their attendance at future proceedings.
Justice Oshodi granted bail of N20 million each, with one surety in the same amount. The surety must provide proof of livelihood.
Additionally, the second defendant was ordered to deposit his international passport with the court, while the third defendant must submit a valid passport and sign an undertaking not to leave Nigeria during the trial.
The defendants were granted interim bail pending the fulfillment of these conditions, with their counsel instructed to produce them at the next court session.
