EFCC arraigns man for stealing N165.2m from Equitorial Energy oil

A Chief Executive Officer (CEO) of a company, Olumuyiwa Williams, on Monday appeared in an Ikeja Special Offences Court, for allegedly stealing N165. 2 million from an oil company, Equitorial Energy Company Ltd.

The Economic and Financial Crimes Commission (EFCC), charged Williams and his company, Manhattan Corporate Essentials Ltd, with three counts bordering on conspiracy and stealing.

He however denied the charges.

EFCC counsel, Mr Anselm Ozioko, told the court that the defendant and his company committed the offence in 2017 alongside five accomplices who are now at large.

Ozioko alleged that the defendants alongside Rotimi Ogundairo, Capt. Edward Williams, Olayinka Iduda, Atlantic Finaplux Ltd and Jodaf Investment Ltd (all at large), in January 2017 conspired and stole money belonging to Equitorial Energy Company Ltd.

Between Jan. 9 and Feb. 9, 2017,he alleged that the defendants and their accomplices with a dishonest intent, stole another cumulative sum of N41.2 million belonging to the complainant.

He also alleged that between Jan. 26 and Feb. 10, 2017, the defendants and their accomplices stole a cumulative sum of N125million belonging to the oil company,” he said.

Ozioko said the offence, contravened the provisions of Sections 285(1)and 409 of the Criminal Law of Lagos 2011.

Following his plea, Mr Tunde Busari, the defendant’s counsel in an application dated Feb. 6 asked the court to grant his client bail in the most liberal terms noting the defendant medical challenges which require urgent intensive medical check-up.

The EFFC, however, objected to Busari’s submission, noting that the CEO was a flight risk and that he should be remanded in prison custody.

Justice Olusola Williams in a ruling said based on evidence before her, the defendant will not pose as a flight risk.

“I am satisfied that the defendant is not a flight risk, he should be admitted to bail for many practical reasons, one of which is the decongestion of prisons.

“He is admitted to N10 million bail with three sureties in like sum, the defendant should provide details of his residential address within jurisdiction and enter an undertaking that he would not change addresses without notifying the court.

“The defendant shall be remanded in EFCC custody for up to seven days till the perfection of his bail and if he fails to do so within that time, he shall be moved to the Ikoyi Prisons,” the judge said.

Justice Williams adjourned the case until March 25 and April 30 for trial. (NAN)