The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos- based entrepreneur identified as Peter Otomewu and his company Pebeto Energji Limited (Ltd.) before the Ikeja Special Offences Court, Lagos State for $75,000 fraud.
Otomewu was arraigned before Justice Mojisola Dada on Monday, June 23 on a two count charge of obtaining money under false pretence and theft.
During the trial, EFCC’s prosecutor, M.S. Owede informed the court that the offences were committed in 2018.
He stated that Otomewu and his company deceived Virgin Forest Energy Ltd into paying $75,000 under the false claim that they had a vessel, identified as MT AYSU which is capable of carrying out transshipment of petroleum products from a mother vessel.
Otomewu stated that the funds were not used as represented.
Instead, the entire amount was dishonestly diverted for the defendants’ personal use.
The EFCC’s prosecutor stated that the actions of the defendants violated Sections 278, 278(1), and 411 of the Lagos State Criminal Law of 2015, as well as Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006.
However, Otomewu and his company pleaded not guilty.
Following their plea, the prosecution requested a trial date and asked that Otomewu be remanded in custody.
In response, the defence counsel, Peter Ajabor, applied for bail on behalf of the defendants, urging the court to grant it under lenient conditions.
Justice Dada granted bail in the sum of N50 million to each defendant, requiring two sureties of the same amount.
The sureties must be employed, reside within the court’s jurisdiction, and maintain N50 million in their bank accounts.
Pending the fulfillment of these bail conditions, the judge ordered that Otomewu be remanded in a correctional facility.
He then adjourned the case to Monday, September 29 for the commencement of trial.
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