The Federal High Court in Lagos has dismissed a no-case application filed by three directors of an oil firm, Petro Union Oil and Gas Limited, who are on trial over an alleged £2.6 billion fraud.
Justice Mohammed Liman, in a virtual ruling, held that the prosecution made out a prima facie case against the company and its directors, which requires them to enter a defence.
The judge, however, held that the company’s financial consultant, Abayomi Kukoyi, has no case to answer, as his involvement was in a professional capacity.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Kingsley Okpala, Chidi Okpalaeze and Emmanuel Okpalaeze on allegations of conspiracy, obtaining money by false pretence, attempt to steal and forgery.
The anti-graft agency claimed that the defendants fraudulently procured a cheque from a foreign bank for £2.556 billion under the pretext that it was meant to construct three petrochemical refinery complexes in Nigeria.
They were also alleged to have, sometime in April 2007, forged a statement of account in the name of Goldmatic Limited, which was used to obtain £2,159,221,313.54 billion.
The alleged offences contravene sections 1(2), 1(2)(a) of the Miscellaneous Offences Act of 1990 and sections 509, 467(2)(I) and 468 of the Criminal Code Act, 2004.
The defendants pleaded not guilty to the charge.
Opposing the no-case submission, EFCC counsel Rotimi Jacobs (SAN), maintained that the prosecution established a prima facie case of fraud against the defendants.
He argued that all investigations by Union Bank, Central Bank, Bankers’ Committee and the EFCC confirmed that the defendants perpetrated the acts.
Jacobs said: “We have proved the ingredients of those offences beyond any reasonable doubt, and each defendant should be invited to present their defence to the charge if they have any.
“The defendants knew the truth but are insisting that the Federal Government should pay them £2.1 billion. It is our common inheritance that they want to take away.
“This is a clear case of fraud, and no person with heaven in mind should pursue this case or assist anyone to do so.”
The trial of Petro Union and its directors is expected to be adjudicated by another judge as Justice Liman has been elevated to the Court of Appeal.