An Accountant, Godwin Okon, on Monday told an Ikeja Special Offences Court in Lagos State how the Chief Executive Officer of Lionstone Offshore Services Limited, Amaechi Ndili, and his wife, Njide allegedly converted $4.7 million to their personal use.
He testified against the couple facing three-count charge of stealing and fraudulent conversion of money to personal use.
The couple, however, pleaded not guilty.
Okon, also a business analyst, told the court that the defendants entered into a contract with Hercules Offshore Nigeria Limited.
According to the witness, after executing the contract, the defendants converted part of the proceeds to their personal use.
The witness was led in evidence by Simon Lough (SAN), an Assistant Commissioner of Police.
He said that Addax Petroleum Development Nigeria had a contract with Lionstone Offshore Services Limited, which was executed by Hercules based on an agreement jointly written on January 14, 2010.
Okon said: “Sometime in December 2009, Amaechi came to Hercules to discuss the possibility of collaboration between the two companies to team up and carry out some contracts in the Nigeria oil and gas field.
“The first defendant had based his reason on the expertise and experience of Hercules company.
“And by January 14, 2010, a joint bidding agreement was entered into and some terms were spelt out.”
The witness told the court that Lionstone was responsible for submission of tenders and receiving of payments, while Hercules was responsible for providing technical information and financial information.
He said: “Some other joint bidding agreement were fees spelt out.
“Lionstone will be entitled to one-time flat fee of $75,000 on the execution, then an annual amount of $150,000 for three years.
“The contract was entered into by Lionstone and Addax in October 2010, but it was executed by Hercules based on an agreement.
“When there is payment, the payment will go to the Lionstone account, then Lionstone, on receiving such the amount, will remit the net amount after taking two per cent.
“Lionstone paid the invoices from Addax from the inception of the execution of the contract up till June 2012 to Hercules.
“From July 2012 to September 2013, Lionstone did not remit any money again.
“Based on the invoices, after Lionestone had failed to remit the money to Hercules and after making calls and nothing happened, our senior management went to Addax to inquire, and it was from there that we were told that Addax had paid all the invoices to Lionstone and that they were not owing Lionstone any money.”
NAN reports that the police had on October 19, 2022 arraigned the couple alongside Lionstone Offshore Services Limited on a three-count charge.
The couple, however, pleaded not guilty to the charge.
The police allege that the defendants committed the offences from July 2012 to September 2013 at Lionstone Offshore, off A58 Road 2, Victoria Garden City, Lagos State, and Lionstone Offshore Services Limited at No. 38/39 Bull Plaza 19, Floor Marina, Lagos.
The alleged offences contravene Sections 516, 387 of the Criminal Code, Laws of the Federation, 2004.
Justice Olubummi Abike-Fadipe adjourned the case until January 31 for continuation of trial.