Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 2, Ikoyi, on Friday, March 6, 2026, arraigned the quartet of Babatunde Olukunle Oyefolu, Babayemi Isaac Olatunde Ezekiel Abaki and Plural Oil Marketing Limited for an alleged N2bn oil fraud before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos.
The defendants were arraigned on a four-count charge of alleged conspiracy, theft, and possession of stolen property involving 894,111 litres of base oil valued at ₦2,000,000,000 (Two Billion Naira).
One of the counts reads:” That you, Plural Oil Marketing Limited, Babatunde Olukunle Oyefolu, Babayemi Isaac Olatunde and Ezekiel Abaki, sometime in 2021 in Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to unlawfully convert 894,111 litres of base oil, property in which Providus Bank holds a special interest.”
Another count reads: “That you, Plural Oil Marketing Limited, Babatunde Olukunle Oyefolu and Babayemi Isaac Olatunde, sometime in 2021 in Lagos, within the jurisdiction of this Honourable Court, dishonestly retained in Plural Oil Marketing Limited’s Keystone Bank account the sum of N2,000,000,000.00 (Two Billion Naira), being funds fraudulently converted.”
The defendants pleaded “not guilty” to the charges preferred against them.
Following their pleas, prosecution counsel, Z. B. Atiku, asked for a trial date and also urged the court to remand the defendants in a Correctional facility pending trial.
However, defence counsel, Dr. Suleiman Usman, SAN, informed the court that he had filed bail applications on behalf of the defendants and that the applications had been duly served on the prosecution.
He also urged the court to grant the defendants bail on liberal terms and undertook to ensure their presence at subsequent proceedings.
After listening to both parties, Justice Oshodi granted the defendants bail in the sum of N20 million each, with one surety in like sum.
The surety must show evidence of means of livelihood.
The court further ordered the second defendant to deposit his international passport with the court, while the third defendant was ordered to submit a valid passport and sign an undertaking not to travel outside Nigeria during the pendency of the trial.
The judge also directed the prosecution to notify the Nigerian Immigration Service, NIS.
Justice Oshodi granted the defendants interim bail pending the perfection of their bail conditions, and ordered their counsel to produce them in court on the next adjourned date.
The matter was adjourned till April 29, 2026 for the commencement of trial.
