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Tuesday, December 7, 2021

Nw: Alleged 1.6bn fraud: Court docket arraigns ancient Fundamental person Orient MD

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Dare Osamo, Used Managing Director of Fundamental person Orient Nigeria Ltd, an aviation fueling company, used to be arraigned at an Ikeja High Court docket on Wednesday on an 11 count-price bordering on fraud to the tune of N1.6 billion.

Mr Osamo pleaded no longer responsible to an eight-count price bordering on obtaining below false pretences, stealing and forgery, introduced towards him by the Directorate of Public Prosecution (DPP).

He used to be also arraigned alongside a female attorney, Bisola Olore on a 3-count price bordering on conspiracy and obtaining below false pretences. They both pleaded no longer responsible to the costs towards them.

What occurred in courtroom

Mrs Adetutu Oshinusi, the lead prosecution counsel instructed the courtroom that the defendants dedicated offences from 2016 to 2019 while performing as officers of Fundamental person Orient Nigeria Ltd.

She alleged that the duo signed Fundamental person Orient Nig. Ltd board of directors resolution dated January 19, 2016, and presented the document to First City Monument Bank as a consensus of the corporate for an account opening.

The duo fraudulently secured a debenture in the sum of N300 million and fraudulently accredited borrowing of N100 million by Fund Quest Monetary Companies Ltd towards the property of Fundamental person Orient Ltd,” Mrs Adetutu talked about.

“That resolution accredited the elimination of Adegbayemu Nike as the Secretary of Fundamental person Orient Nig. Ltd and appointed the co-defendant, Olore, as the Secretary of the corporate,” she added.

The offence is a violation of Sections 287(8), 314(3), 365(1) and 411 of the Criminal Law of Lagos, 2015.

The defence counsel, Mr Lawal Pedro (SAN) prayed the courtroom to grant bail to the defendants in liberal terms. He illustrious that Mr Osamo who’s a ancient MD and shareholder in Fundamental person Orient Nig Ltd has been granted administrative bail by a magistrate courtroom and did no longer abuse it.

In response to him, “Even from his sickbed, he walked in to lend a hand this trial. I beg your lordship to grant bail to the applicant.”

Mr Pedro also prayed that Olore be granted bail on the muse that she is presumed innocent unless confirmed responsible.

Nonetheless, the prosecution counsel adverse the utility for bail urging the courtroom to carry under consideration the nature of the offences allegedly dedicated by the defendants.

She talked about, “They’re severe offences which carry no longer lower than seven years on every count. The defendants have a tendency to abscond. We urge the courtroom to disclaim them bail and grant an accelerated listening to.”

Bail cases

The presiding map to a resolution, Justice Oyindamola Ogala granted the first defendant (Osamo)  bail in the sum of N20 million and he is to give two sureties in the tackle sum.

To the second defendant (Olore), bail used to be also granted in the sum of N10 million with two sureties in the tackle sum.

Sureties must provide proof of their monetary station and proof of landed properties owned in Lagos. Each and every defendants are also to put up their international passports to the courtroom.

What you’ll possess to nonetheless know

  • Fundamental person Orient Nigeria Ltd is a global vitality and commodities company with operations across West Africa.
  • Mr Osamo is accused of unlawfully converting the corporate’s funds amounting to N1.6 billion to his private exercise.
  • He allegedly solid the signature of 1 Mr Olanrewaju Bamgbose on the corporate’s board of directors’ resolution dated Would possibly well 2, 2018.
  • Mrs Adetutu, the lead prosecution counsel, is a director in DPP.
  • The matter used to be adjourned till February 2, 2022, for trial.


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