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N 4Billion Fraud: Suspect Stuns Court, Offers To Pay Back N 50 Million!


A mild drama played itself out on Monday when Seun Ogunbambo who is standing trial for multiple fraud counts appeared before an Ikeja High Court which heard his bail application. The amount involved in the bank and fraud subsidy scam for which Ogunbambo is standing trial is about N 4 billion. He however offered a plea bargain in which he offered to pay back N 100 million upfront and pay the remaining in installments of N 50 million every three months.

His counsel, Adebayo Adenipekun SAN  told the court that his client deserves bail just like other people like Maman Ali, son of Dr. Ahmadu Ali, a former Chairman of the PDP as well as Christian Taylor who are standing trial for similar charges and have been granted bail. He also told the court that his client has been attending meetings with the Economic and Financial Crimes Commission and the Stanbic IBTC Bank to reach a settlement on the issues on ground.

Counsel to the EFCC, Francis Usani however opposed the bail application as he told the court that the accused person has multiple identities, a claim he said was not denied by the accused person. He also stated that the fact that Ogunbambo’s involvement in out of court settlement should not be a ground for bail as he described it as admittance of guilt. While speaking on the suspect’s dual identity, the EFCC counsel said “he is either Benson Adebowale or Seun Ogunbambo. We don’t know who he is as long as the passports exist.”  The EFCC also averred that in addition to a letter from Ireland informing them that the suspect has been arrested for money laundering; there are also allegations that his British passport was a fake. He also described Ogunbambo’s plea bargain terms as “laughable”.

Ogunbambo Habila Theck and Fargo Petroleum are facing a ten count charge of forgery, conspiracy and obtaining money totalling N 976.6 million by false pretence and apart from the fuel subsidy scam charges, the EFCC also accused Ogunbambo and his company, Adeline Investment Ltd of fraudulently obtaining a facility from Stanbic IBTC Bank in 2009.

Justice Onigbanjo has fixed ruling on the bail application for December 6.


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