EFCC Arraigns Energy Firm For Alleged $4.9m Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned an energy firm, TOF Energy Company Limited, before the Federal High Court in Lagos for allegedly laundering the sum of $4.9 million.

The anti-graft agency is accusing the company and one Jyde Adelakun, who is said to be at large, of committing the offences between August 17 and September 6, 2018.

The EFCC counsel, Rotimi Oyedepo (SAN), told the court, in a charge marked FHC/L/459c/2023, that TOF Energy Company Limited retained the sum of $9,985.00, $629,875.00, $499,975.00, $549,975.00; $510,575.00; $1,199,975.00 and $1,519,975.00, within the above mentioned period.

Oyedepo also informed the court that the illicit funds were warehoused in the company’s domiciliary account number 1771453359 with Polaris Bank Limited.

He further claimed that offence violated sections 18(a) and 15(2)(d) of the Money Laundering (Prohibition and Prevention) Act, 2014 (as amended) and punishable under section 15 (2) (d} of the same act.

The prosecutor also told the judge that since the company is not a juristic person, a not guilty plea should be entered against it.

Justice Aneke acceded to the prosecutor’s request and entered a not guilty plea against the company.

But, the defence lawyer, Bolaji Kuti told the court that he had filed a Preliminary Objection against the charge and that he had served a copy of the application on the prosecution.

Oyedepo confirmed the development but told the court that he would like to go through it and file his response. He after that asked the court for a date.

After listening to the lawyers, Justice Aneke adjourned the matter to February 5 for the hearing of the company’s Preliminary Objection.