Temporary reprieve has come the way of the Chairman of the Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, Lagos Zone, Fatuyi Yemi Philips, as he has been granted bail on Thursday, April 28, 2022.
The defendant alongside his firm, Oceanview Oil and Gas Limited, are standing trial for an alleged N43 million fraud but Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, has granted him bail in the sum of N20 million with two sureties in like sum.
According to the judge, the surety must be resident within jurisdiction and must present three years’ evidence of tax payment. A lien was also ordered to be placed on their respective bank accounts.
The court also ordered that the defendant submit his international passport to custody of the respondent.
During the proceeding, defence counsel, Mr. O. O Ajanaku moved the bail application for bail on behalf of the defendant. In the application dated April 7, 2022, he prayed the court.
“We urge your Lordship to admit the first defendant applicant to bail and for such other orders as your lordship may make,” he said.
He further argued that the defendant by the 1999 Constitution was “presumed innocent of all charges until proven otherwise.”
Opposing the bail application, counsel for the Economic and Financial Crimes Commission, EFCC, I.N. Ubabudu, urged the Court to dismiss the application.
The defendant is facing two counts bordering on obtaining money by false pretence to the tune of N43,502,000 and was first arraigned by the Lagos Zonal Command of the EFCC, on April 7, 2022.
Count one reads: “Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation that you would sell to WAPCIL Nigeria Limited $98,870.00, a representation you knew to be false.
“Count two reads: “Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, within the jurisdiction of this Honourable Court, stole the sum of N43, 502,000.00, property of WAPCIL Nigeria Limited.”
He pleaded “not guilty” to the charges. The case has been adjourned till June 17, 2022 for trial.