By Henry Ojelu
LAGOS—THE  Economic and Financial Crimes Commission, EFCC, has informed a Lagos Special Offences court that it has begun a manhunt for one of the defendants in an $8.4 million fraud trial, Yusuf Yahaya, after jumping administrative bail granted him by the commission.

Yusuf Kwande and Osahon Asemota, both oil marketers and five companies, are facing trial before Justice Mojisola Dada for allegedly defrauding Nigerian companies  of 10,000 metric tonnes of Automotive Gas Oil, AGO, worth N200 million.

The EFCC also alleged that the defendants stole about 6,425,271 metric tonnes of AGO worth $8,442,806.094, property of Nadabo Energy Ltd, which was under the legal custody of Spring Bank Plc.

According to the EFCC,  the fraud forced Spring Bank, which financed the deal, into bankruptcy.

The five companies named in the charge are Trafigura Baheer BV, Trafigura PTE Ltd, Mettle Energy and Gas Ltd, Renbrandt Ltd and JIL Engineering and Oil Services Ltd.

When the matter came up,  EFCC Prosecutor, Adebisi Adeniyi expressed shock that none of the defendants was in court as the commission had served them with the charges against them.

Adeniyi informed the court that the 3rd defendant, Yusuf Kwande jumped administrative bail and that efforts are on the way by the police to apprehend him.

After listening to the reasons for absence of the defendants, Justice Dada adjourned the matter till November 5, 2018 for possible arraignment.

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