Four men, who allegedly stole 33,000 litres of diesel valued at N3.7 million, were on Wednesday charged before an Ebute Meta Chief Magistrate's Court, Lagos.
The accused -- Kazeem Agbaje (30), Ahmed Oluyemi (39), Gideon Oluseyi (43), and Isiaka Kamaldeen (35) are standing trial on a four-count charge of conspiracy, fraud, stealing and receiving stolen property.
The diesel, according to the prosecutor, ASP Innocent Effiong, belonged to Peter oil and Gas Ltd, Lagos.
He told the court that the accused, with others still at large, collected the petroleum product from Mr Richard Faruna on Oct. 13, 2009 at 73, Queen's St., Yaba, to sell but failed to remit the proceeds.
Effiong said the offence contravened Sections 390 (9), 419, 427 and 516 of the Criminal Code, Laws of Lagos State and punishable with seven years imprisonment.
The accused, however, pleaded not guilty and were granted bail each in the sum of N100, 000 with two sureties in like sum.
The Chief Magistrate, Philip Ojo adjourned the case till Nov.25 for further hearing.
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