N1.7b alleged subsidy fraud: Court grants N500m bail to oil marketer, cargo surveyor

A Federal High Court Lagos, on Thursday granted bail in the sum of N500 million to an Oil Marketer and Cargo Surveyor, charged with N1.7 billion Fuel subsidy fraud.
The accused person, Samuel Owa and his company, Stone Bridge Oil Ltd., were arraigned alongside a Cargo Surveyor, Onassis Wajutom and his company, Vibrant Ventures Ltd., on June 18.
They are standing trial on a four-count charge bordering on the alleged offence.
They had pleaded not guilty to the charge but the trial judge, Justice Ibrahim Buba, ordered the accused to be remanded at the Ikoyi Prisons pending their bail application.
At the resumed hearing of the case, counsel to the first and second accused, Mr Joseph Nwobike (SAN), in adopting his bail application, urged the court to grant his client bail on liberal terms.
He informed the court that the accused had no past criminal record and had always made himself available to the Special Fraud Unit (SFU) upon invitation.
Nwobike argued that the whole essence of the bail was to secure the attendance of the accused in court, adding that “the law provides that an accused is presumed innocent, until his guilt is established.’’
He therefore urged the court to exercise its discretion judiciously and admit the accused to bail on liberal terms.
Counsel to the third and fourth accused, Mr Sylvester Ekwueme, also aligned himself with the submissions of the learned SAN and also urged the court to grant his clients bail on favourable terms.
Meanwhile, the prosecutor, Mr Daniel Abdulahi, adopting his counter affidavit, urged the court to refuse the bail application and order that the accused be remanded.
Abdulahi argued that after the accused persons were granted police administrative bail, they failed to provide a reliable surety, and so should not be granted bail by the court.
Ruling on the bail application, Justice Buba said he was satisfied with the affidavit deposed to by the accused that they would stand trial.
“The charge before this honourable court is a serious one as it touches on advanced fee fraud.
“The court has seen it and appreciates the gravity of the offence.
“However, the provisions of sections 36 (5) of the 1999 Constitution of the Federal Republic as amended, still avails the accused.
“From the affidavit evidence before this court, I am satisfied that the accused will appear to stand trial.
“The second and third accused are hereby granted bail in the sum of N500 million with two sureties in like sum who must depose to an affidavit of means.
“The accused are also to deposit their international passport with the registrar of the court, and also file an undertaking not to delay court proceedings, I so hold,’’ Buba ruled.
The judge, however, ordered the accused to be remanded in custody, pending the perfection of their bail.
The News Agency of Nigeria reports that the prosecution also opened its case by calling on two witnesses from the Petroleum Pricing Regulating Agency (PPRA) and the Department of Petroleum Resources (DPR), respectively.
The witnesses, Mr Victor Nyamali and Buraimoh Olarenwaju, both testified as to how the second accused (Owa) claimed to have imported about 144, 999 metric tons of Premium Motor Spirit, (PMS).
Olarenwaju told the court that the accused had submitted a bill of lading, that the products were imported, but that there was no other document buttressing that fact.
The judge adjourned the case to June 24 for continuation of trial.
The prosecutor had alleged that the accused fraudulently obtained N1.7 billion from the FG, with the claim of having imported and discharged 15, 000 metric tonnes of Premium Motor Spirit, otherwise known as petrol.
He told the court that Vibrant Ventures and Wajutom, while acting as cargo surveyors, aided Stonebridge Oil and Owa to obtain the said N1.7 billion.
The prosecutor said that the offence contravened the provisions of Section 8 (a) of the Advance Fee Fraud and Other Related Offences Act, Cap. A6, Laws of the Federation of Nigeria, 2004.
The offence attracts a penalty of not more than 20 years or less than seven years imprisonment.