N1.7bn subsidy fraud: Two accused get N500m bail

An oil marketer, Mr. Samuel Owa, and a cargo surveyor,  Onassis Wajutom, were on Thursday granted bail by a Federal High Court, Lagos, following their arraignment for about N1.7bn fuel subsidy fraud.

They were on June 18 arraigned along with their firms – Company Stone Bridge Oil Limited and  Company Vibrant Ventures Limited.

The offence is said to have contravened the provisions of Section 8 (a) of the Advance Fee Fraud and Other Related Offences Act, Cap. A6, Laws of the Federation of Nigeria, 2004.

Ruling on their bail applications on Thursday, Justice Ibrahim Buba granted Owa and Wajutom bail in the sum of N500m, with two sureties in like sum.

Buba ordered that the accused, who had pleaded not guilty to all the four counts instituted against them,  be remanded in prison pending when they would meet their bail conditions.

He said, “The charge before this honourable court is a serious one as it touches on advanced fee fraud.

“From the affidavit evidence before this court, I am satisfied that the accused will appear to stand trial.

“The second and third accused are hereby granted bail in the sum of N500m, with sureties in like sum, who must depose to an affidavit of means.

“The accused are also to deposit their international passports with the registrar of the court, and also file an undertaking not to delay court proceedings. I so hold.”

Counsel for Owa, Mr. Joseph Nwobike (SAN), had urged the court to grant his client bail on liberal terms.

He said his client had no past criminal record and had always made himself available to the Special Fraud Unit upon invitation.

Another defence counsel, Mr. Sylvester Ekwueme, had also sought for bail on favourable terms.

Meanwhile, the prosecutor, Mr. Daniel Abdulahi, opposed the bail, arguing that after the accused were granted police administrative bail, they failed to provide a reliable surety.