Ogbor Eliot and Godwin Okoronkwo were on Monday arraigned by Justice Oluremi Oguntoyinbo of the Federal High Court in Lagos being charged with N3.3 billion oil fraud.
Also charged alongside the men are two companies — Danium Energy Services Ltd and Petrosol Energy Ltd.
They are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a 10- count charge bordering on fraud.
The accused, however, denied the charges.
Justice Oguntoyinbo remanded them in the custody of the EFCC until Oct. 11 when their bail applications will be heard.
According to the prosecution, the accused conspired to defraud a financial house to the tune of N3.3 billion.
The EFCC said Eliot and Danium Energy Services Ltd had on Jan. 30 or thereabouts conspired to induce the new generation bank to deliver to Danium Energy Services Ltd a sum of N3.3 billion.
The funds were said to be paid on the pretext that Total Nigeria Plc contracted the energy firm to supply 15,000 metric tonnes of Automotive Gas Oil (diesel).
It was also alleged that Eliot and the energy firm on Feb. 3 induced the financial institution to deliver to Danium Energy Services N3.3 billion for the supply.
Besides, the anti-graft agency alleged that the duo on or before Feb. 9 also conspired to commit fraud to the tune of N2.8 billion by making similar false representation.
The offences contravened the Advanced Fee Fraud and Other Fraud Related Offences 2004.
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