Subsidy Scam: Court Remands Ogunbambo in Prison Custody

 A Lagos High Court on Wednesday ruled that Mr Oluwaseun Ogunbambo, one of the suspects 

implicated in the multi-billion Naira fuel subsidy fraud, be remanded in prison custody and ordered  accelerated hearing of the case. 

Trial judge justice Adeniyi Onigbanjo dismissed Ogunbambo’s bail application on the grounds of his criminal antecedent, which cast doubt on the chances of his being available for trial if granted bail. 

The suspect was arraigned on Monday July 30, 2012 alongside Habila Theck and Fargo Petroleum Gas Limited on a six count charge of conspiring to obtain the sum of N976, 653,110.28 by falsely claiming to have imported 13,627,084 liters of petroleum.

They were also accused of forgery and use of false document contrary to section 364 of the Criminal Laws of Lagos State of Nigeria .

Counsel to EFCC, Rotimi Jacobs opposed the bail application on the grounds that Ogunbambo had multiple identities and, was caught with cash in Dublin , Ireland.

He also allegedly forged document to defraud Stanbic IBTC Bank of 660 million Naira.

Mr Jacobs further told the court that although his passport was seized he jumped administrative bail and subsequently procured another passport with different name.  

After listening to the argument of counsel, Justice Onigbanjo ruled that the accused be remanded in Ikoyi prison, He however  granted bail to Habila Theck in the sum of N20million and two sureties in like sum. One of the sureties should be a level 14 officer while the other should be a top manager in a quoted company with evidence of tax payment for the last three years.

He is also to deposit his international passport with EFCC while the residential and business address of the sureties should be verified by an EFCC official.