Lagos, Nigeria – The Economic and Financial Crimes Commission (EFCC) has arraigned three individuals and one company over an alleged N2 billion ($1.3 million USD) oil fraud. The defendants appeared before Justice Rahman Oshodi at the Special Offences Court in Ikeja on Friday.
Okay News reports that Babatunde Olukunle Oyefolu, Babayemi Isaac Olatunde, Ezekiel Abaki, and Plural Oil Marketing Limited face multiple charges. The EFCC Lagos Zonal Directorate 2 facilitated the arraignment through its legal team.
The defendants stand accused of conspiracy, theft, and possession of stolen property. The alleged crime involves 894,111 litres of base oil valued at N2 billion.
One count states that the defendants conspired in 2021 to unlawfully convert the base oil. Providus Bank held a special interest in this property.
Another count alleges that three defendants dishonestly retained N2 billion in Plural Oil Marketing Limited’s Keystone Bank account. These funds were reportedly fraudulently converted from the original transaction.
All defendants pleaded not guilty to the charges during Friday’s proceedings. This plea paves the way for a full trial on the allegations.
Prosecution counsel Z. B. Atiku requested a trial date. He also urged the court to remand the defendants in a correctional facility pending trial.
Defence counsel Suleiman Usman, a Senior Advocate of Nigeria, informed the court that bail applications had been filed and served. He requested bail on liberal terms and undertook to ensure defendants’ presence at subsequent hearings.
Justice Oshodi granted bail in the sum of N20 million ($13,300 USD) for each defendant. Each must provide one surety demonstrating evidence of means of livelihood.
The second defendant must deposit his international passport with the court. The third defendant must submit a valid passport and sign an undertaking not to travel outside Nigeria during the trial.
The judge ordered the prosecution to notify the Nigerian Immigration Service of these travel restrictions. Defendants received interim bail pending perfection of their bail conditions.
Defence counsel must produce all defendants in court on the next adjourned date. The matter has been scheduled for April 29, 2026, for commencement of trial.
The Special Offences Court in Ikeja maintains jurisdiction over fraud-related matters in Lagos State. In mid-2025, the same court convicted two oil marketers for a separate N2.2 billion oil subsidy fraud.
Justice Mojisola Dada sentenced Mamman Nasir Ali and Christian Taylor to 14 years imprisonment each. They were re-arraigned alongside Nasaman Oil Services Limited on an amended 57-count charge.
 has arraigned three individuals and one company over an alleged N2 billion ($1.3 million USD) oil fraud. The defendants appeared before Justice Rahman Oshodi at the Special Offences Court in Ikeja on Friday.){kind=link}