LAGOS — Managing Director of Stonebridge Oil Limited, Samuel Owa was, Tuesday, arraigned before a Federal High Court in Lagos by the Special Fraud Unit, SFU, of the Police over alleged economic crime and fraudulent collection of N1.7 billion fuel subsidy from the Federal Government.
Owa and his company were arraigned alongside Vibrant Ventures Limited and a cargo surveyor with the firm, Olori Onasis Wajutom, on a four-count charge bordering on the crime.
Both Owa and Wajutom were ordered to be remanded in prison custody pending the hearing of their bail condition scheduled for June 20, 2013.
The prosecutor told Justice Ibrahim Buba in the first count that the accused persons conspired among themselves to commit felony to wit: obtaining money under false pretext from the Federal Government, an offence contrary to and punishable under Section 8 (a) of the Advance Fee Fraud and Other Related Offences Act, Cap. A6, Laws of the Federation of Nigeria, 2004.
In count two, the SFU alleged that the accused fraudulently obtained N1.7 billion from the Federal Government, while in count three, they were said to have falsely claimed to have imported and discharged 15, 000 metric tons of Premium Motor Spirit, otherwise known as petrol.
The accused persons, pleaded not guilty to the charges, while Justice Buba adjourned till Thursday for hearing of their bail application.