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Man Arraigned for Alleged N46m Fraud


The Economic and Financial Crimes Commission, EFCC, Lagos office, today, October 14, 2019 arraigned one Ola Lawal alongside his firm, DCAN Oil and Gas Limited before Justice Chuka Austine Obiozor of the Federal High Court, Ikoyi on a two-count charge bordering on money laundering and stealing to the tune of N46 million, an offence contrary to Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under Section 15(3) of the same Act.

The defendant pleaded not guilty when the charges were read to him.

One of the charges reads: “That you Ola Lawal (a.k.a Lawal Roland) and DCAN Oil and Gas Limited on or about 24th June, 2019 in Lagos within the Jurisdiction of this Honourable Court fraudulently transferred the sum of N46, 000, 000.00 (Forty-Six Million Naira) from Flour Mills of Nigeria Plc Account Number 1002792889 domiciled in United Bank for Africa Plc to DCAN Oil and Gas Limited Account Number 0036695765 domiciled in Union Bank Plc which you ought to have known that such fund forms part of the proceeds of an unlawful act.”

Consequent upon the plea of the defendant, prosecution counsel, Muhammad Hussain asked the court for a trial date and order the remand of the defendant in Correctional Service custody.

The defence counsel, Godwin Dick informed the court of a bail application already before the court and which has been served on the prosecution.

Justice Obiozor adjourned the case to October 15, 2019, for hearing of bail application and commencement of trial.

The court also ordered that the defendant be remanded in the EFCC custody.

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