EFCC Arraigns Three for Alleged N2bn Oil Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) arraigned three individuals—Babatunde Olukun, Oyefolu Babayemi, and Isaac Olatund Ezekiel Abaki—linked to an alleged N2 billion oil fraud in Lagos. The arraignment took place before Justice Rahman Oshodi at the Special Offences Court in Ikeja.

The defendants face charges of conspiracy, theft, and possession of stolen property involving 894,111 liters of base oil valued at N2 billion. Upon arraignment on Friday, they pleaded not guilty to the charges.

Prosecuting counsel Z.B. Atiku requested a trial date and urged the court to remand the defendants pending trial.

Defense counsel Dr. Suleiman Usman SAN informed the court of a bail application filed on behalf of the defendants.

Justice Oshodi granted bail at N20 million with sureties required to show evidence of means of livelihood. The court also ordered the prosecution to notify the Nigerian Immigration Service.

The matter is adjourned until April 29, 2026, for trial commencement.