The Economic and Financial Crimes Commission (EFCC) Monday re-arraigned two oil marketers, Oluwaseun Ogunbambo and Habila Theck, before an Ikeja High Court on an amended charge of N976.6 million fuel subsidy fraud.
The duo were re-arraigned alongside their company, Fargo Petroleum and Gas Limited, before Justice Adeniyi Onigbanjo on a 10-count of conspiracy, obtaining money by false pretence, forgery, uttering and use of forged documents.
EFCC counsel, Mr. Francis Usani, alleged that the defendants conspired with one Olugbegan Adesanya (still at large) to fraudulently obtain N976.6 million from the Federal Government.
Usani alleged that the defendants obtained the money as subsidy payments from the Petroleum Support Fund (PSF) for the purported importation of 13.6 million litres of Premium Motor Spirits (PMS).
He said the PMS was purportedly purchased from one Seatac Petroleum Limited and imported into Nigeria through MT Diplomat and Ex MT Milleura.
The defendants were also alleged to have forged a bill of lading and other documents which they used in perpetrating the fraud.
Usani said their alleged offences contravened Sections 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006.
According to him, the offences also contravene Sections 467 and 468 of the Criminal Code Laws of Lagos State, 2003.
The defendants pleaded not guilty to the charges.
The judge ordered that they should continue to enjoy the bail conditions granted them after their initial arraignment for the same offences on July 30.
The matter was adjourned till December 5, 2012 for trial.