From Lagos, CEOAFRICA.com gathered that two oil marketers, Chinyerem Nweze and Olaniran Ogundipe, have been arraigned before a Federal High Court in Lagos over alleged subsidy fraud worth N1.3 billion.

According to sources, the accused were charged by the police on a six-count charge, alongside their companies, Geacan Energy Ltd and Petroleum Brokers Ltd. They pleaded not guilty to the charge.

Prosecutor prayed the court presided over by Justice Musa Kurya, to order the remand of the accused in prison, and grant accelerated trial. However, this was rejected by the Counsel to the accused, who claimed that the suspects have always made themselves available since they were granted administrative bail by the police on September 12. He then pleaded that the court should dismiss the prosecutor’s plea and urged that they should be granted bail.

Justice Kurya, in a short ruling, admitted the accused to bail in the sum of N1.5 billion each, with one surety each in like sum.