Justice Musa Kakaki of a Federal High Court, Lagos, has ordered the remand of three men, Mansur Sani Sado, Hakeem Ayoade and Ibrahim Khali Shuaib, over alleged N117 million diesel fraud perpetrated against Rain Oil Limited.
Justice Kakaki remanded the three men after their arraignment before the court by the operatives of the Police Special Fraud Unit (PSFU), Ikoyi Lagos, on a 17 count-charge of conspiracy, obtaining 90,000 litres of Automotive Gas Oil (AGO), popularly known as diesel valued N117 million by false pretence, unlawful funds conversion and issuance of dud cheques.
The trio were arraigned in the charge marked FHC/LAG/CR/895/2026.
The prosecutor, S. A. Ogala who held the brief of Yakubu Momoh, a Chief superintendent of Police (CSP) told the court that the defendants and others still at large, on March 5, 2026, conspired among themselves and obtained 90,000 litres of AGO valued at N117 million from Rain Oil Limited.
The prosecutor told the court that the defendants allegedly induced the Rain Oil Limited to release the petroleum product by issuing cheques as payment, despite allegedly knowing that the cheques would not be honoured due to insufficient funds in their accounts.
In charge, the first defendant, Sado and others now at large were alleged to have received N98.4 million into the El-Musbashir Global Service account domiciled with Alternative Bank Plc, knowing or having reasonable grounds to suspect that the funds were proceeds of unlawful activities.
He was alleged to have issued several and multiple multiple Zenith Bank cheques of N10 million each bearing different serial numbers but dated March 4, 2026, in favour of Rain Oil Limited for the diesel supplied. And that upon presentation of the cheques they were returned and rejected due to insufficient funds or absence of funds in the account.
The second defendant, Ayoade was also allegedd to have received N103.12 million through his company’s corporate account Farak Links Resources Limited, domiciled with Taj Bank Plc.
While the third defendant, Shuaib, was alleged to have converted and transferred the sum N18 million received through his corporate and private accounts.
The defendants’ actions according to the prosecutor, are contrary to sections 8(a), 1(1)(c) of the Advanced Fee Fraud and and other Fraud related Offences Act, 2006, and punishable under Section 1(3) of the same Act.; Section 18 (2) (d) Money Laundering (Prevention and Prohibition) Act 2022, and punishable under Section 18(3) of the same Act.
The defendants’ offences also contravened Section 1 (1)(a) (b) (i) of the Dishonored (Cheque) offences Act Cap D11 LFN 2004. knowing or reasonably expected to know that the funds were proceeds of unlawful activities.
The three men however denied the allegations and pleaded not guilty to all the against them.
Based on their not guilty plea, the prosecutor prayed the court for trial date, as well, urged the court to remand them in Correctional Services’ facility pending the determination of the charges
The defendants through their lawyer, begged the court for short date to hearing their bail applications.
Meanwhile, Justice Kakaki has adjourned to November 16, 2026, for hearing of the defendants’ bail applications, while fixed April 27 and 28, 2027, for their trial.