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Executives behind bars for phony oil deal

20 February 2015, 15:22

Abuja - Some members of an alleged oil syndicate have appeared at Federal Capital Territory High Court sitting in Apo, Abuja over a fraudulent oil deal running to more than N100 million.

Emmanuel Owoicho, Managing Director, Owoema Resources Limited and Michael Morowei Oghenemi, Managing Director, Standard Allied Universal Concept Limited, were arraigned before Justice Peter Affen.

Owoicho and Oghenemi are being prosecuted on a 12-count charge bordering on conspiracy and obtaining money by false pretence.

The pair allegedly conspired to sell a consignment of Bonny Light crude oil purportedly from the Nigeria National Petroleum Corporation (NNPC) to Bascom Energy Limited to the tune of N102 million.

Also read: Oil marketers fight fraud charges in court

It is alleged with intent to defraud, they obtained  money from Bascom Energy Limited, paid through Deo Finance Company Limited, under the false pretence that it was part payment for processing the sale of Nigeria Light Crude Oil.

The representation was false, it is alleged.

According to the Economic and Financial Crimes Commission (EFCC) the alleged offence occurred last April in Abuja.

The accused persons pleaded not guilty to the charge when it was read to them.

Justice Effen has adjourned the matter o Tuesday, February 24 for hearing on the bail application.

The accused remain in the EFCC custody.

- CAJ News

Tags efcc nigeria

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