Businessmen remain in custody over alleged N33m fraud

An Ikeja High Court in Lagos on Monday remanded three businessmen in the custody of the Economic and Financial Crimes Commission (EFCC), over an alleged N33 million fraud scheme.

The men were remanded pending the ruling on their bail applications, fixed for 20 December.
The News Agency of Nigeria (NAN) reports that the defendants are facing a four-count charge of conspiracy, obtaining money by false pretences and stealing
.
The EFCC counsel, Mr Musa Isah, told the court that the defendants had conspired with others still at large to commit the offences in October 2010 in Lagos.
Isah said they had obtained N33 million under the pretext of exporting crude oil from Cotonou in Benin Republic to Nigeria.
He said the defendants, after obtaining the money, failed to supply the product.
According to him, their offence contravene Sections 1(3) and 8 (a) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006.
Isah said it also contravened Section 516 of the Criminal Code, Laws of Lagos State of Nigeria, 2003.
The offence of obtaining money by false pretences attracts a minimum of seven years imprisonment, if  the offender is convicted.