By Emma Ovuakporie
LAGOS—The Economic and Financial Crimes Commission, EFCC, yesterday arraigned five persons before a Lagos State High Court sitting in Ikeja on a two-count charge of offences bordering on fraudulent conversion with intent to steal over N25 million.

The suspects include Luqman Babalola, Herbert Ogunwale, Olurotimi Ogunwale, Gbolagade Alayande and Batum Oil & Gas Limited.

All the five accused, however, pleaded not guilty when the two counts were read to them.
Counsel to EFCC, George Adebowale,  asked the court to fix a date for trial as the commission was ready with evidence.

Counsel to the accused persons, Barrister A. Odebowale, told the court that he was with his bail application which he intended to serve the prosecution and, therefore, asked the court to give a short adjournment for them to argue on the bail application.

He also pleaded with the court to remand the accused persons in EFCC custody, pending the determination of their bail application.

The prosecution counsel told the court that the commission could not accommodate the accused persons in its custody as its facilities were already overstretched.

Justice H. A. O. Abiru adjourned the case to October 21 for the hearing on the bail application and ordered that the accused persons be remanded in Ikoyi Prison.

Trouble began for the accused persons when a 30-year-old businessman, Atiku Rufau, of Tikse Energy Limited petitioned the EFCC, stating that the accused persons had defrauded him of N25 million.

Part of it read:  “We had an agreement with Batun Oil and Gas of 3rd floor Koriko Towers Commercial Road, Apapa, to pay for petroleum product (A.G.O) at their Afribank Account No. 0831757752618 since June 2009 as evidenced in their bank statement of account… unfortunately the said product has not been released or supplied to us after three months of payment.”