Justice Mojisola Dada of the Special Offences Court, Ikeja, Lagos State, on Thursday, granted a businessman, Fatuyi Philips, accused of N43m fraud bail in the sum of N20m.

Philips is the Chairman of the Natural Oil and Gas Suppliers Association of Nigeria. He is being tried along with his firm, Oceanview Oil and Gas Limited.

The defendant, who is facing two counts bordering on obtaining money by false pretences to the tune of N43,502,000, was first arraigned by the Lagos Zonal Command of the Economic and Financial Crimes Commission on April 7, 2022.

The charges read in part, “Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about September 28, 2016, at Lagos, within the jurisdiction of this honourable court, with intent to defraud, obtained the aggregate sum of N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation that you would sell to WAPCIL Nigeria Limited $98,870.00, a representation you knew to be false.”

He pleaded not guilty to the charges.

The defence counsel, O. Ajanaku, moved the bail application of the defendant.

Justice Dada granted the defendant bail in the sum of N20m with two sureties in like sum.

The case was adjourned till June 17, 2022, for trial.