The erstwhile Managing Director of an aviation fuelling company, Star Orient Nigeria Limited, Dare Osamo, has been arraigned before a High Court sitting in Ikeja, Lagos State, over alleged fraud amounting to N1.6billion.
A suspected accomplice, Bisola Olore, was also arraigned alongside Osamo on Wednesday.
During the arraignment, the Lagos State Directorate of Public Prosecution filed a 11-count charge against Osamo and Olore.
Osamo and Olore jointly pleaded not guilty to three charges including conspiracy and obtaining under false pretences, while Osamo pleaded not guilty to eight charges of obtaining under false pretences, stealing, and forgery.
According to the lead prosecutor, Adetutu Oshinusi, the defendants committed the offences from 2016 to 2019, alongside others who are now at large, while acting as officers of Star Orient Nigeria Limited.
The DPP alleged that the duo signed the Board of Directors’ resolution of the firm dated January 19, 2016, and presented the document to the First City Monument Bank as the consensus of the directors of the company for the opening of an account.
“The duo fraudulently secured a debenture in the sum of N300m and fraudulently authorised the borrowing of N100m by the Fund Quest Financial Services Limited against the assets of Star Orient Limited.
Osamo is alleged to have unlawfully converted company funds amounting to N1.6bn to his own use and forged company resolutions to commit the offences,” she said.
The prosecution alleged that he forged the signature of one Mr Olanrewaju Bamgbose on the company’s Board of Directors resolution dated May 2, 2018.
“That resolution authorised the removal of Adegbayemu Nike as the secretary of Star Orient Nigeria Ltd and appointed the co-defendant, Olore, as the secretary of the company,” the prosecutor said.
The offences violate Sections 287(8), 314(3), 365(1), and 411 of the Criminal Law of Lagos, 2015