Alleged N66.5m oil fraud: Court admits marketer Fayose to N50m bail

By Adenike Ayodele

An Ikeja Special Offences Court on Thursday admitted an oil marketer, Adeleke Fayose, to bail in the sum of N50 million for alleged N66.5 million fraud.

The News Agency of Nigeria (NAN) reports that Fayose  is  charged alongside his company, Brooks and Knight International Ltd, with on three counts of obtaining money under false pretences and stealing.

The defendant, however,pleaded not guilty to the charge.

Justice Mojisola Dada admitted the defendant to bail in the sum of N50 million with two sureties in like sum.

Dada ruled that the sureties must be resident withi the court’s jurisdiction and and must show evidence of tax payment in the past three years to Lagos State Government.

She also said the the sureties should have a lien placed on their bank accounts.

The judge also ordered the defendant to submit his international passport to the custody of the court.

Dada adjourned the cause until Dec. 19 for trial.

NAN reports that the court  had on Oct. 27  remanded the defendant at Ikoyi Correctional Centre pending hearing and determination of his bail application.

The EFCC alleges that the defendant obtained the sum of N66,5 million, property of GOSL Nig. Ltd. under false pretences.

It alleges that the defendant committed the offences on Aug. 9, 2018 and Aug.10, 2018 in Lagos.

EFCC also claims that the defendant stole the money from GOSL Nigeria  Ltd.

According to the commission, the alleged offences contravene Sections 278, 285 (1)(8) of the Criminal Law of Lagos State, 2015, and Section 1(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act of 2006. (NAN)