One Afolabi Olayinka, a businessman and his company, Bowofab Global Services Limited, are standing trial at Federal High Court, Lagos State.
He and his company were arraigned on Thursday before Justice Abimbola Awogboro by the Police Special Fraud Unit for allegedly obtaining the sum of N58.5m under the false pretence of supplying petroleum products.
The defendants are facing three counts of conspiracy, obtaining by false pretences and fraud, preferred against them by the PSFU.
The police prosecuting counsel, Chukwu Agwu, said the defendants and others now at large committed the offences between July 2020 and December 2021, in Lagos.
He said the defendants defrauded their victims under the pretext of supplying them petroleum products.
Agwu told the court that the complainants allegedly defrauded included Casrod Solutions Limited, represented by one Afeez Alebiosu and one Ismael Arisekola.
According to him, Olayinka allegedly received the money through two bank accounts.
However, the defendant pleaded not guilty to the charges.
Justice Awogboro adjourned the case till November 18 and fixed December 5 for commencement of trial
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