The attention of the Economic and Financial Crimes Commission, EFCC has been drawn to a report which appeared in Thisday Newspaper of Tuesday, August 7th, 2012 with the banner, Subsidy: EFCC Suspends Arraignment of Marketers. The report suggests that the Commission has, following political pressure, suspended further arraignment of oil marketing companies and their directors suspected to have been involved in the fuel subsidy scam. The Commission views the suggestion as a distasteful misrepresentation of the reality on ground.
The Economic and Financial Crimes Commission, EFCC on August 3, 2012 arraigned Jonathan Udeagbala and his company, Lynq Communications Limited before Justice B. O Oluwayemi of the Lagos High court, Igbosere on a four count charge bordering on stealing, obtaining by false pretence and issuing dud cheques.
One of the charges read: "that you, Jonathan Udeagbala and Lynq communications Ltd, between September, 2009 and September, 2010 at Lagos within the Lagos Judicial Division, with intent to defraud, stole by fraudulently converting to your own use, the aggregate sum of N106, 250,000 (one hundred and six million, two hundred and fifty thousand naira) properties of Victory Electronics Company Limited and Fakwe Investments Limited".
When the two charges were read to Udeagbala and his company, he pleaded not guilty to them.
Justice Adeniyi Onigbanjo of the Lagos High Court on Wednesday August 1, 2012 ruled that 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. The judge dismissed Ogunbambo’s bail application on the grounds of his criminal antecedent, which cast serious doubt on the chances of his being available for trial if granted bail.
Ogunbambo was arraigned on Monday July 30, 2012 alongside Habila Theck and Fargo Petroleum Gas Limited on a 6 counts charge for conspiring to obtain the sum of N976, 653,110.28 (nine hundred and seventy six million six hundred and fifty three thousand one hundred and ten naira twenty eight kobo) from the federal government of Nigeria by falsely representing that the said sum was accrued subsidy for the importation of 13,627,084 litres of petroleum motor spirit. They were also accused of forgery and use of false document contrary to section 364 of the Criminal Laws of Lagos State of Nigeria.