.officialEFCC Arraigns Oil Company, Directors Over $2bn Fraud | Sahara Reporters The alleged sum was meant for the construction of three refineries and a petrochemical complex in the country. READ MORE:
The Economic and Financial Crimes Commission has arraigned Petro Union Oil and Gas Limited and its four directors over an alleged $2bn fraud.
The EFCC, in the charges, alleged that the defendants “fraudulently procured a Barclays Bank cheque, dated 29th December 1994 in the sum of £2,556,000,000.00 made payable to Gladstone Kukoyi and Associates, purporting the said cheque to be meant for foreign investment in the construction of three refineries and a petrochemical complex in Nigeria, when you knew that the said cheque to be false.
According to him, the defendants acted contrary to Section 1 of the Miscellaneous Offences Act, Laws of the Federation of Nigeria, 1990 and were liable to be punished under same law. The suspects were apprehended at Alafara area of Ibadan, the Oyo State capital, following earlier intelligence gathered by the commission.
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