The Economic and Financial Crimes Commission on Wednesday arraigned a vessel, MT Ostria, and three men before an Ikeja Special Offences Court over alleged N12 billion oil theft.

The defendants are Raymundo Panaligam and Roneno Villarin, both officials of the vessel, and Vincent Wayas, a staff member of GMO, representing NNPC Retail Ltd.

 They were arraigned on a four-count charge bordering on conspiracy to commit felony and stealing over 13 million litres of Premium Motor Spirit (PMS).

The EFCC Counsel, Bilikisu Buhari, told the court that the defendants, in January 2024, conspired to steal 13,354,000 litres of PMS belonging to NNPC Retail Ltd.

One of the charges alleged that the defendants on January 17, 2024, dishonestly took nine million litres of PMS, property of NNPC Retail Ltd.

 The EFCC further alleged that the defendants stole an additional three million litres, bringing the total volume allegedly stolen to over 13 million litres.

 According to the prosecutor, the alleged offences contravene Sections 280 and 411 of the Criminal Law of Lagos State, 2015.

 The defendants pleaded not guilty to all charges.

 The prosecution urged the court to remand the defendants in custody, arguing that they were flight risks who might abscond if granted bail.

 However, the defence informed the court that bail applications had been filed and pleaded that the defendants remain on EFCC administrative bail.

 Justice Mojisola Dada ruled that the defendants should continue on their existing EFCC bail conditions.

 The case was adjourned until November 17 for the commencement of trial.

(NAN)