high_court_lagos_federalA Federal High Court sitting in Lagos, Thursday, granted bail in the sum of N2 billion to an oil marketer and cargo surveyor, charged with N1.7 billion fuel subsidy fraud.

The judge, Justice Ibrahim Buba, however, ordered the accused to be remanded in custody, pending the perfection of their bail.

The accused, Samuel Owa and his company, Stone Bridge Oil Limited, were arraigned alongside a cargo surveyor, Onassis Wajutom and his company, Vibrant Ventures Limited on June 18 on a four-count charge bordering on the alleged offence.

At the resumed hearing of the case, counsel to the first and second accused, in adopting his bail application, urged the court to admit his client to bail on liberal terms.

Counsel to the third and fourth accused, also aligned himself with the submissions of counsel to the first and second accused and urged the court to grant his clients bail on favourable terms.

The court in its ruling on the bail application held that it was satisfied with the affidavit deposed to by the accused that they will stand trial.

“The charge before this court is a serious one as it touches on advanced fee fraud. The court has seen it and appreciates the gravity of the offence. However, the provisions of sections 36 (5) of the 1999 Constitution as amended, still avails the accused.

”From the affidavit evidence before this court, I am satisfied that the accused will appear to stand trial. The second and third accused are hereby granted bail in the sum of N500 milllion each with sureties in like sum, who must depose to an affidavit of means. The accused are also to deposit their international passports with the registrar of the court, and also file an undertaking not to delay court proceedings, I so hold,” the judge held.


Information from Vanguard was used in this report.