Ogunbambo, 2 others charged with oil subsidy fraud

The Economic and Financial Crimes Commission, EFCC on Monday, December 3, 2012 re-arraigned two oil marketers: Oluwaseun Ogunbambo, Habila Theck, and one company, Fargo Petroleum and Gas Limited before Justice Adeniyi Onigbanjo of the Lagos High Court sitting in Ikeja.

The defendants were re-arraigned on a ten-count charge for offences bordering on conspiracy to obtain money by false pretence, forgery and use of false document in respect of fuel subsidy claim.

Oluwaseun Ogunbambo, Kabila Theck, Fargo Petroleum and Gas limited and Olugbenga Adesanya (still at large) are said to have conspired and obtained the sum of N976,653,110.28 (Nine Hundred and Seventy Six Million, Six Hundred and Fifty Three Thousand, One Hundred and Ten Naira, Twenty Eight kobo only) from the Federal Government, by falsely claiming that the said sum represented subsidy accruing to them for the importation of 13,627,084 litres of Petroleum Motor Spirit (PMS).

Ogunbambo and his partner pleaded not guilty to the charge when it was read to them.

However, Adebayo Adenipekun SAN, counsel to the defendants urged the court to grant the defendants bail as the alleged offences were bailable.

However, counsel to EFCC, Usani Francis prayed the court not to grant the first defendant bail due to his criminal antecedents and that he was ready to proceed with the trial.

Justice Onigbanjo adjourned the matter till December 5 and 6, 2012 for hearing of the bail application and continuation of trial.

Ogunbambo was first arraigned in July on a six count charge before Justice Onigbanjo but was refused bail because of his criminal antecedent as he was said to possession multiple identity