Trial in AGO fraud case begins today

Trial will begin today before Justice Mojisola Dada of the Special Offences Court in Ikeja in the fraud case involving an international company, Trafigura Baheer BV and its Nigerian partner Trafigura PTE Ltd.

They were alleged to have defrauded Nigerian companies of 10,000 metric tonnes of Automotive Gas Oil worth N200 million.

According to the Economic and Financial Crimes Commission (EFCC), which filed the charge, the fraud forced Spring Bank, which financed the deal, into bankruptcy.

Two Nigerians Yusuf Kwande and Osahon Asemota, as well as Mettle Energy and Gas ltd, Renbrandt Ltd and JIL Engineering and Oil Services Ltd are the other defendants.

In one of the counts, EFCC said Messrs Trafigura Baheer BV, Kwande, Mettle Energy, Renbrandt and Asemota, sometime in 2008 in Lagos, conspired to commit felony to wit: stealing of about 6,425,271 metric tonnes of AGO worth $8,442,806.094, property of Nadabo Energy Ltd, which was under the legal custody of Spring Bank Plc.

Count two of the charge says the defendants, between October 12 December 15, 2008, at the office of Trafigura Baheer BV on 20, Sinari Daranijo Street, Victoria Island, stole the AGO by fraudulently converting it to their own use.