Economic and Financial Crimes Commission on Monday told a Lagos High Court, Ikeja that its settlement talks with two oil marketers indicted for oil subsidy fraud had broken down.
At the resumed hearing of the matter before Justice Lateefat Okunnu, the anti-corruption agency’s counsel, Tayo Olukotun informed the court that the negotiation process had failed.
He said, “My Lord, I wish to inform the court that negotiation between the parties have broken down. We were informed on Wednesday, January 24 of this development.
“The defendants have filed a notice of preliminary objection, we would like to respond to this and would be applying for a short time to respond.”
The accused, Sunday Bamidele and Abiodun Bankole , charged alongside their firm, A.B.S Investment Company Ltd, had at the previous proceedings told they were on talks with the EFCC in order to settle the matter out of court.
They were on October 15, 2012 arraigned on 18 counts of obtaining about N1.3bn from the Federal Government under the fuel subsidy scheme by false pretence, conspiracy, forgery and uttering .