On Thursday, Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos State, granted Fatuyi Philips, a businessman accused of N43m fraud, bail in the sum of N20m.
Philips is the Chairman of the Nigerian Natural Oil and Gas Suppliers Association. He and his company, Oceanview Oil and Gas Limited, are being tried together.
The defendant, who is charged with two counts of acquiring money under false pretenses totaling N43,502,000, was initially arraigned by the Economic and Financial Crimes Commission’s Lagos Zonal Command on April 7, 2022.
The charges read in part, “Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about September 28, 2016, at Lagos, within the jurisdiction of this honourable court, with intent to defraud, obtained the aggregate sum of N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation that you would sell to WAPCIL Nigeria Limited $98,870.00, a representation you knew to be false.”
He pleaded not guilty to the charges.
The defence counsel, O. Ajanaku, moved the bail application of the defendant.
Justice Dada granted the defendant bail in the sum of N20m with two sureties in like sum.
The case was adjourned till June 17, 2022, for trial.