The Economic and Financial Crimes Commission (EFCC) has arraigned three individuals and one company over an alleged N2 billion oil fraud before the Special Offences Court in Ikeja.
Babatunde Olukunle Oyefolu, Babayemi Isaac Olatunde, Ezekiel Abaki, and Plural Oil Marketing Limited appeared before Justice Rahman Oshodi on Friday, facing multiple charges.
The defendants stand accused of conspiracy, theft, and possession of stolen property involving 894,111 litres of base oil valued at N2 billion.
One count alleges that the defendants conspired in 2021 to unlawfully convert the base oil, a property in which Providus Bank held a special interest.
Another count states that three defendants dishonestly retained N2 billion in Plural Oil Marketing Limited’s Keystone Bank account, funds reportedly fraudulently converted from the original transaction.
All defendants pleaded not guilty to the charges during Friday’s proceedings, setting the stage for a full trial on the allegations.
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Prosecution counsel Z. B. Atiku requested a trial date and urged the court to remand the defendants in a correctional facility pending trial.
Defence counsel Suleiman Usman, a Senior Advocate of Nigeria, informed the court that bail applications had been filed and served, requesting bail on liberal terms.
Justice Oshodi granted bail in the sum of N20 million for each defendant, requiring each to provide one surety demonstrating evidence of means of livelihood.
The second defendant must deposit his international passport with the court, while the third defendant must submit a valid passport and sign an undertaking not to travel during the trial.
The judge ordered the prosecution to notify the Nigerian Immigration Service of these travel restrictions and granted interim bail pending perfection of bail conditions.
The matter has been scheduled for April 29, 2026, for the commencement of the trial.
The Special Offences Court in Ikeja maintains jurisdiction over fraud-related matters in Lagos State, having previously convicted two oil marketers for a separate N2.2 billion oil subsidy fraud in mid-2025.
