The Federal High Court, Abuja has discharged and acquitted Jide Omokore, Chairman of Atlantic Energy Drilling Concepts Nigeria Limited and an ally of former Petroleum Minister, Diezani Allison-Madueke, of fraud.
The court, however, convicted Omokore’s co-accused, Victor Briggs and Abiye Membere, in the judgment on Tuesday.
They were convicted for receiving car gifts, an offence contrary to Section 98 of the Criminal Code Act.
Delivering judgment in the alleged $1.6 billion fraud charge levelled against the defendant, Justice Nnamdi Dimgba held that the prosecution failed to prove its case beyond reasonable doubt against Omokore.
The judge held that the prosecution failed to establish the offence of obtaining by false pretence, conspiracy, fraud and conversion leveled against Omokore.
Dimgba subsequent discharged and acquitted him.
The judge, however, found Briggs and Membere guilty of official corruption under Section 98 of the Criminal Code Act and convicted them of same.
The judge said that Briggs and Membere collected car gifts which they admitted to in their extrajudicial statements.
Justice Dimgba said that being public officials, he was satisfied that the manner in which they received the car gifts was unethical.
He ordered that the convicts be remanded in EFCC custody pending their sentencing on Wednesday.
The News Agency of Nigeria reports that the offence of public corruption under Section 98 of the Criminal Code Act attracts a seven-year jail term.
NAN also reports that the defendants were arraigned by the Economic and Financial Crimes Commission on a 15-count charge on July 4, 2016.
They were alleged to have fraudulently diverted about $1.6 dollars alleged to be part of proceeds of sales of petroleum products belonging to the Federal Government.