Dare Osamo, former Managing Director of aviation fuelling company Star Orient Nigeria Ltd, was arraigned before an Ikeja High Court on Wednesday over an alleged N1.6 billion fraud.
The Directorate of Public Prosecution (DPP) filed an 11-count charge against him, including charges of obtaining money under false pretences, stealing, and forgery.
Osamo pleaded not guilty to eight of the charges.
He was arraigned alongside Bisola Olore, a lawyer, who is also facing a three-count charge of conspiracy and obtaining by false pretences. Olore also pleaded not guilty.
Lead prosecution counsel, Mrs. Adetutu Oshinusi, told the court that the alleged offences took place between 2016 and 2019, while the defendants held positions at Star Orient Nigeria Ltd.
She claimed the two signed a company board resolution on January 19, 2016, and presented it to First City Monument Bank as the company’s consensus for opening an account.
“The duo fraudulently secured a debenture in the sum of N300 million and fraudulently authorised borrowing of N100 million by Fund Quest Financial Services Ltd against the assets of Star Orient Ltd,” Mrs. Adetutu said.
She further stated,
“That resolution authorised the removal of Adegbayemu Nike as the Secretary of Star Orient Nig. Ltd and appointed the co-defendant, Olore, as the Secretary of the company.”
The offences allegedly violate Sections 287(8), 314(3), 365(1), and 411 of the Criminal Law of Lagos, 2015.
Defense counsel, Mr. Lawal Pedro (SAN), appealed to the court for bail under liberal conditions. He highlighted that Osamo had previously been granted administrative bail by a magistrate court and complied with its terms.
“Even from his sickbed, he walked in to attend this trial. I urge your lordship to grant bail to the applicant,” Pedro said.
He also urged the court to grant bail to Olore, citing the presumption of innocence.
However, Mrs. Adetutu opposed the bail request, arguing the seriousness of the charges:
“They are serious offences which carry not less than seven years on each count. The defendants are likely to abscond. We urge the court to deny them bail and grant an accelerated hearing.”
Justice Oyindamola Ogala granted bail to the first defendant, Osamo, in the sum of N20 million, with two sureties in the same amount. Olore was granted bail of N10 million, also with two sureties.
Both defendants are required to:
Submit their international passports to the court, provide sureties with proof of financial standing, show evidence of ownership of landed property in Lagos.
Star Orient Nigeria Ltd is an international energy and commodities company with operations across West Africa.
Osamo is accused of misappropriating N1.6 billion from company funds.
He allegedly forged the signature of Mr. Olanrewaju Bamgbose on a board resolution dated May 2, 2018.
The case was adjourned until February 2, 2022, for trial.
Mrs. Adetutu, leading the prosecution, is a director in the DPP.
