Five oil marketers were on Tuesday arraigned before an Ikeja High Court for allegedly stealing N1billion petroleum products from the United Bank for Africa (UBA).
Thompson Omoietan, Adeleke Lasun, Funmilola Oyerinde Adegoke Shadrack and James Amore were arraigned before the court by the Economic and Financial Crimes Commission (EFCC).
According to the charge by the EFCC Prosecutor, Kayode Oni, the five defendants committed the offences in September 2011 alongside 13 others who are currently at large.
Those at large are – Ngozi Okoye, Menol Oil and Gas Ltd, Faicek Petroleum Ltd, Cynthia Gboneme, Onyebuchi Patience, Godwin Onyeke and Moses Ojera.
Others are Umanah Bassey, Onwuka Ibisi, Hyginus Nwosu, Solomon Okpithe, Gbolade Otukoya, and Godwin Omoke.
After their arraignment, the defendant counsels, Messers Yinka Farounbi, A.O Akinyemi informed the court of their respective bail applications.
They asked the court to grant their clients bail on the most liberal terms.
The presiding Judge, Justice Josephine Oyefeso adjourned the matter till June 11 for ruling on the bail application.
The judge further ordered that the defendants should be remanded in EFCC custody.
The EFCC alleged that the defendants allegedly conspired and stole petroleum products worth N1billion property of UBA.
The defendants and their alleged accomplices also purportedly forged documents titled Supervisory Discharge Certificate addressed to the Managing Director of Menol Oil and Gas Ltd.
The offences contravened Sections 278, 285, 359, 363 and 409 of the Criminal Code Law of Lagos 2011.