Two oil company managers remanded over N2b fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned two managers of two oil companies, David Nwachukwu and Frank Okeke alonside two companies, Haulage Oil and Gas Limited and Franviok before a Lagos High Court sitting at Igbosere Lagos State on a 14-count charge of conspiracy to steal, stealing and fraudulent diversion of funds.

The accused persons were alleged to have failed to remit rentals of over N2 billion to the petitioner, LECON Financial Services Limited.

In the 14-count charge filed before the court by EFCC prosecuting counsel, Rotimi Oyedepo, it stated that the two accused managers and the two companies sometime between January 2013 and December 2013 in Lagos, with a dishonest intent, converted to their personal use the sum of N197,776,420 which sum forms part of rentals accruing to Leasing Company of Nigeria Limited (now known as LECON Financial Services Ltd) from the use of their trucks to provide haulage services for Eterna Oil Plc.

It was further alleged that David Nwachukwu, Frank Okeke, Haulage Oil and Gas Limited and Franviok Limited sometime between January 2014 and September 2014 with a dishonest intent converted to their own use the sum of N158,721,830 which sum forms part of rentals accruing to Leasing Company of Nigeria Limited (now LECON Financial Services Ltd) from the use of their trucks to provide haulage services for Lafarge Cement WAPCO Nigeria Plc.

The accused persons pleaded not guilty to the charges. In view of the plea of the accused persons, Oyedepo asked for a trial date and urged the court to remand the accused persons in prison custody.

Counsel to the first accused, Taiwo Taiwo, told the court that he had filed an application for bail and urged the court to let him move his application. He also, urged the court to remand his client in the EFCC custody for easy accessibility.

Counsel to the second, third and fourth accused persons, K. Bello aligned himself with the submission of Taiwo.

Justice R.I.B. Adebiyi adjourned the case till 20 October, 2015 for hearing of the bail application and ordered the accused persons to be remanded in the EFCC custody. 

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