A businessman, Peter Otomewu, and his company, Pebeto Enerji Limited, were on Monday arraigned by the Economic and Financial Crimes Commission, EFCC, before the Ikeja Special Offences Court for allegedly defrauding a petroleum services company of $75,000.

The defendants were docked on a two-count charge bordering on obtaining money by false pretence and stealing, preferred against them by the EFCC.

The anti-graft agency?s prosecution counsel, M.S. Owede, told the court that Otomewu and his firm committed the alleged offences sometime in 2018.

Owode told the court that the defendants fraudulently obtained the sum of $75,000 from Virgin Forest Energy Limited under the false pretext that they had a vessel, MT AYSU, capable of transshipping petroleum products from a mother vessel.

The prosecutor alleged that the representation was false and that the money was never used for the stated purpose.

Otomewu and his firm were accused of dishonestly converting the entire $75,000 property of Virgin Forest Energy Limited to their use.

According to the EFCC, the offences committed contravened Sections 278, 278(1), and 411 of the Criminal Law of Lagos State, 2015, and Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006.

However, both defendants who were docked before Justice Mojisola Dada pleaded not guilty to the charges against them when it was read.

Following the not-guilty plea, Owede asked for a trial date and also urged the court to remand the first defendant, Otomewu, in a correctional centre.

But the defence counsel, Mr. Peter Ajabor, however, prayed the court to grant bail to the defendants on liberal terms.

Consequently, Justice Dada granted bail to the defendants in the sum of N50m, with two sureties in like sum.

The judge ordered that the sureties must be gainfully employed and reside within the court?s jurisdiction.

She also ordered that the sureties must have N50m in their bank accounts.

Justice Dada further ordered the remand of Otomewu in the correctional centre, pending the perfection of the bail conditions.

The matter was adjourned to September 29, 2025, for commencement of trial. (The PUNCH)

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