Alleged N43.5m fraud: Compliance officer testifies against oil, gas association chairman

Thu, Feb 2, 2023
By editor
2 MIN READ

Judiciary

A compliance officer with Zenith bank, Mr Kenneth Ikeagwu, on Thursday testified against the Chairman of Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Philips Fatuyi, charged with N43.5million fraud.

Fatuyi is standing trial alongside his company, Oceanview Oil and Gas Ltd. on a two-count charge bordering on obtaining money by false pretence at an Ikeja Special Offences Court.

The witness was led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr  Spife Owede,

The witness told the court he received a request from EFCC sometimes in November 2016 to provide them with the account statement of the defendant’s company.

“We made the statement of account available to the commission and the certificate of identification was signed by my colleague, Mr Daniel Udom,”

The response letter from  Zenith bank to EFCC dated November 2016 was admitted into evidence.

The compliance officer also told the court that the defendant was the sole signatory to the account and there was an inflow and outflow of fund between Sept.28 2016.

“There was an inflow of N18 million, N25 million and N550,000 which which was paid in tranches.” the witness said.

While being cross-examined by the  defence counsel, Mr Olarenwaju Ajanaku, the witness said  he was not the account officer of the defendant.

The witness  confirmed  to the court that he did not know what the inflows were meant for and that he did not know the two people who made the payment to the defendant’s company account.

Justice Mojisola Dada adjourned the case until March 30 for continuation of trial. (NAN)

E.C

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