Two of the oil marketers that were arraigned before  a Lagos High Court sitting in Ikeja after being indicted in the oil subsidy scam, Oluwaseun Ogunbambo and Habila Theck, as well as their  firm, Fargo Energy Limited, on Friday denied that they collected N976.6m from the Federal Government as oil subsidy fees as alleged by the Economic and Financial Crimes Commission (EFCC).

When trial commenced in the matter before Justice Adeniyi Onigbanjo, the defendant’s counsel, Mr. Adebayo Adenipekun (SAN), denied the collection of the money from the Federal Government while cross examining the EFCC witness.

Adenipekun, while cross-examining the first prosecution witness, Dr. Wole Adamolekun, who is the General Manager, Operations, of the Petroleum Product Pricing and Regulatory Agency stated that the allegations were wrong.

“I put it to you that Fargo has not received the sum of N976.6m from the Federal Government.” Adenipekun said.

Adamolekun however replied that he is not aware of Adenipekun’s claim.

The duo were arraigned on a six-count charge bordering on fraudulent collection of N976.6m from the Federal Government under the PSF.

They were alleged to have collected the money from the Federal Government in February 2012 as payment for importation of about 13,627,084 litres of petrol.

Ogunbambo was earlier denied bail by the trial judge, Justice Adeniyi Onigbanjo, but was later granted bail by  Justice Lateefat Folami during the court’s vacation.

Theck had since been granted bail by Onigbanjo, in early August, but is still in detention due to his inability to perfect the conditions for the bail.

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