The Economic and Financial Crimes Commission, (EFCC), on Thursday, 18th June ,2015 arraigned three persons before Justice Ibrahim Buba of the Federal High Court, Lagos on a three count charge bordering on conspiracy and intent to defraud.
The three accused person: Elder Christopher Andrew Isibor, Earth Petroleum Development Limited and David A. O. Akhigbe are alleged to have conspired among themselves, hijacked a vessel, MT Sollueshing, and used it to convey 1, 670, 00 metric tons of Low Pour Fuel Oil(LPFO) which they stole from Nigeria and sold it to a Ghanaian Marketer, Auxesia Energy Limited.
The offence is contrary to and punishable under Section 3(6) of the Miscellaneous Offences Act CAP M17, Laws of the Federation, 2004.
The accused persons pleaded not guilty to the charge.
EFCC counsel, E.E. Iheanacho told the court to fix a trial date in view of the accused persons’ plea.
But the defence counsel, Steven Oke prayed the court to vary the bail condition as the 1st accused person, Elder Christopher Andrew Isibor who had earlier been arraigned was unable to meet the requirement of N500 million bail bond.
Justice Ibrahim Buba granted bail to the accused persons in the sum of N50 million with two sureties that must be resident in Lagos.
The sureties are to have landed properties within the jurisdiction of the court. The case was adjourned to 3rd of July, 2015 for trial.