Owuze Nwuche led Montego Upstream Services Limited is currently seeking to recover N130,099,967 allegedly misappropriated by three of its employees.
In an effort to retrieve the funds, the Nigeria Police’s Special Fraud Unit (PSFU) in Ikoyi, Lagos, apprehended three individuals suspected of the embezzlement.
Operatives of the PSFU arrested Philemon Obileku, Onyia Jude, and Sunday Okelezo.
The trio has been charged before Justice Deinde Dipeolu on counts of conspiracy and unlawful diversion of funds through price inflation and bribery.
During their arraignment, prosecutor Daniel Apochi informed the court that the accused, along with others still at large, conspired between 2022 and 2023 to unlawfully divert over N130 million while employed by Montego Upstream Services. The alleged scheme involved accepting bribes in exchange for inflating contract prices and issuing fraudulent orders.
Apochi further stated that the defendants’ actions contravened sections 18(a) and 18(1)(2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended in 2012).
The defendants, however, pleaded not guilty to the charges.
Following their plea, the prosecutor requested a trial date and asked for the defendants to be remanded in the custody of the Nigerian Correctional Services (NCoS) pending the case’s conclusion.
The defense counsel, Ademola Olabiyi, supported by B.J. Adegbesan, moved a bail application, noting the health condition of one of the defendants. Though initially unopposed, the prosecutor unexpectedly changed his stance and opposed the application after being prompted by the court.
Despite this, Justice Dipeolu ordered the defendants to be remanded in NCoS custody until September 20, when the court will determine their bail application.
The charges allege that between 2022 and 2023, the defendants conspired to fraudulently convert N130 million in bribes and kickbacks from Montego Upstream vendors, thereby committing offenses under the Money Laundering (Prohibition) Act.