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Oil Marketer Arraigned for N272.5m fraud, Remanded in Prison Custody

By on November 14, 2012


An Oil marketer, Mr. Adejugbe Anthony and his company, Tonique Oil Services Limited were yesterday arraigned before  Justice Lateefa Okunnu of the Lagos High Court, Ikeja by the Economic and Financial Crimes Commission (EFCC) on a two-count charge bordering on ‘stealing and fraud’.

Mr. Adejugbe Anthony was said to have ‘fraudulently converted’ N272, 5000,000 (Two Hundred and Seventy Two Million, Five Hundred Thousand Naira) meant for t he supply of PMS.

The Accused converted the said amount obtained from Water Gate Petroleum and Gas Limited for the supply of  five million litres of PMS to settle his liabilities with Sterling Bank without supplying the product for which he was paid.

The other charge reads,  “That you, Adejugbe Anthony and Tonique Oil Services Ltd on or about the 8th of December, 2011 at Lagos with the Ikeja Judicial Division stole and fraudulently converted N272,500,000 (Two Hundred and Seventy Two Million, Five Hundred Thousand Naira) property of Water Gate Petroleum and Gas Ltd which sum claimed represented payment for 5,000,000 (Five Million) litres of PMS which sum you transferred from your GTBank account to your Sterling Bank Plc account to defray your liabilities.”

Mr. Adejugbe Anthony pleaded not guilty to the charges.

The Prosecution counsel, Mrs. F.T. Giwa, requested that the court give a trial date and remand the accused in prison custody.

Counsel to the accused, J. Fabilola, requested that the court to place his client in the custody of the EFCC pending the hearing of his oral application for bail.

Justice Okunnu ordered that the accused be remanded in prison custody, saying the proper place for an accused person to be remanded is the prison.

She adjourned the case to November 19 for hearing of bail application, while trial was set for November 22 and 23.