Managing director Arraigned Over N7m Scam.

Wale

The Economic and Financial Crimes Commission, EFCC, has  arraigned Wale Olatunde and his firm, Ivory Resources Limited,  before Justice S. S. Ogunsanya of the Lagos High Court, Ikeja on one count charge bordering on stealing.


Olatunde, 44, managing director of Ivory Resources Limited, allegedly instructed Ghanano Oil and Gas Services Limited, through a Local Purchase Order to supply diesel to two telecommunication giants, at their facilities in Calabar and Uyo.  Ghanano Oil and Gas Limited reportedly supplied a total of 104,100 litres of diesel,  totalling N11,704, 300 ( Eleven Million, Seven Hundred and Four Thousand, Three Hundred Naira only) to the two locations. 
However, upon successful delivery of the product, Olatunde  only paid the sum of N4,000,000( Four Million Naira only) to the firm,  while a balance of N7,704,300( Seven Million, Seven Hundred and Four Thousand, Three Hundred Naira only) remained unpaid since June 2010.


When the charge was read to the defendant, he pleaded not guilty.


Justice Ogunsanya admitted the accused to bail in  the sum of five million naira and two sureties. 
One of the sureties must be a relative of the defendant and the other, a civil servant. She subsequently adjourned the matter to July 2, 2015 for trial.