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2 oil marketers, 5 firms to be arraigned over alleged $8.4m fraud

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Two oil marketers, Yusuf Kwande and Osahon Asemota along with five companies will be arraigned today before Justice Mojisola Dada of the Lagos High Court, Ikeja over allegation of $8.4 million fraud.

The five companies named in the charge are Trafigura Beheer BV, Trafigura PTE Ltd, Mettle Energy and Gas Ltd, Renbrandt Ltd and Jil Engineering and Oil Services Ltd.

They are to be arraigned on a three-count charge of conspiracy to commit felony, stealing and receiving stolen property.

The prosecuting counsel, E.A. Jackson of the Special Fraud Unit, SFU, alleged that the defendants committed the offences in 2008 in Lagos.

The prosecutor alleged that the defendants fraudulently converted 6.4 million metric tonnes of Automated Gas Oil, AGO.

They were also accused of stealing AGO worth $8.4 million belonging to Nadabo Energy Ltd.

The SFU is also alleging that another company — Jil Engineering and Oil Services Ltd — fraudulently received the stolen AGO, which had been under the legal custody of Spring Bank, Victoria Island, Lagos.

The offences contravened Sections 383(1), 427 and 516 of the Criminal Code 2004.

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