An Ikeja Special Offences Court on Thursday granted bail in the sum of N20 million to Philips Fatuyi, the Chairman of Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), charged with N43 million oil fraud.
Justice Mojisola Dada granted the bail following a prayer by defence counsel, Mr Olarenwaju Ajanaku.
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The newsmen report that Fatuyi and his company, Oceanview Oil and Gas Ltd., had pleaded not guilty to a two-count charge of stealing and obtaining money under false pretences.
Dada ordered that the defendant should produce two sureties also as a condition for the bail.
she ruled that the sureties must be resident within the court’s jurisdiction and present evidence of three years’ tax payment.
She also placed restrictions on the defendant’s bank accounts and ordered him to submit his international passport to the Economic and Financial Crimes Commission (EFCC), which is prosecuting him.
The judge adjourned the case until June 17 for substantive trial.
Earlier, Ajanaku moved the bail application = dated April 7 and prayed the court to grant his client bail.
EFCC counsel, Mr I. N. Ubabudu, had urged the court to dismiss the bail application for lack of merit.
The newsmen report that EFCC alleges that Fatuyi and his company fraudulently obtained N43 million from Elochukwu Okoye and Elebana Unique Ventures Nig. Ltd. on behalf of WAPCIL Nig. Ltd.
EFCC alleges that the defendants obtained the sum under the false representation that they would sell to WAPCIL Nig. Ltd., $98, 870.00.