EFCC Arraigns Oil Magnate For Alleged N24.3m Fraud

The Port Harcourt Zonal Command of the Economic and Financial Crimes Commission, EFCC, has arraigned an oil magnate over an alleged illegal dealing in petroleum products to the tune of N24, 310,000 (Twenty Four Million, Three Hundred and Ten Thousand Naira).

According to a statement issued today by the anti-graft agency’s spokesperson, Dele Oyewale, the suspect, Azubuike Uzoma, was arraigned before Justice A.T. Mohammed of the Federal High Court sitting in Port Harcourt, Rivers State, on October 25, 2023 on three-count charges bordering on money laundering and illegal dealing in petroleum products.

TheFact Daily learns that Azubuike was arrested by operatives of the Commission at Ndoni Community of Onelga Local Government Area of Rivers State for alleged illegal dealing in petroleum products and money laundering.

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Investigations showed that the defendant, operates a fraudulent oil business by defrauding his clients into paying several amounts of money for the supply of Premium Motor Spirit (PMS) from Warri depot.
He neither supplies the products nor returns clients’ money to them.

The suspect, trading under the name and style of ALVIN D INTERNATIONAL, sometime in June, 2022, took possession of the aggregate sum of N23,310,000.00 (Twenty Three Million, Three Hundred and Ten Thousand Naira) paid into his account with Keystone Bank Limited, and which he knew to be part of the proceeds of an unlawful activity: Illegal dealing in petroleum products, and thereby committed an offence contrary to Section 18(2)(d) of the Money Laundering Act.

Azubuike pleaded not guilty to the charges, following which, prosecution counsel Abdulrahman Abubakar, prayed the court to fix a date for trial and for the defendant to be remanded in a Correctional Service.

While counsel to the defendant, C .J. Nmerem, did not oppose the prayers of the prosecution, he however urged the court to grant his client bail to enable him prepare for his trial.

Justice Mohammed thereafter granted the defendant bail in the sum of N1, 000,000.00 (One Million Naira), and two sureties in like sum, one of whom must be a civil servant with the Rivers State government not below grade level 14, while the other shall be a family member of the defendant. The sureties must deposit two recent passport photographs with the court and must have verifiable addresses.

The judge adjourned the matter till January 22, 2024 for commencement of trial.

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