The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned a businessman, Uchenna Minnis, at the Lagos Special Offences Court, Ikeja, for alleged N822.4 million fraud.
Minnis was arraigned alongside his company, Howard Minnis Asset Management Limited, on a two-count charge of obtaining by false pretence and dishonest conversion.
The EFCC counsel, Mr. Mohammed Bashir, told the court that the defendants allegedly committed the offences sometime this year.
He said the accused allegedly dishonestly converted the sum of N822.4 million to his own use.
Bashir said the money was paid to the accused for the purchase of 900,000 litres of SN 900 Base Oil and 500,000 litres of SN 500 Base Oil at the rate of N970 per litre.
The prosecutor alleged that the accused fraudulently obtained the money from Krystal Lube Limited under the guise that it would be used for the purchase of 900,000 litres of SN 900 Base Oil and 500,000 litres of SN 500 Base Oil at the rate of N970 per litre.
The offences, according to him, contravened Sections 1 (3) of the Advanced Fee Fraud and Other Related Offences Act 2006 and Section 285 (1) of the criminal law of Lagos State 2011.
Bashir urged the court to remand the accused in a correctional centre till the next adjourned date.
The accused pleaded not guilty to the charge.
The defence counsel, Mr. Kester Elebesunu, asked for a short adjournment to enable him to respond to fresh issues raised in the matter.
Justice Rahman Oshodi ordered that the defendant be remanded in the EFCC’s custody.
He adjourned the case till November 30 for the hearing of the bail application and for the commencement of trial.