GTB acquited from 2.7bn naira subsidy allegation.

A Federal High Court in Lagos on Wednesday dismissed the N2.7bn subsidy fraud charges instituted against Guaranty Trust Bank Plc along with seven persons and four other firms.

The three counts of fraud were instituted against the accused by the Special Fraud Unit of the Nigeria Police.

Justice Mohammed Idris struck out the charges for “lack of diligent prosecution.”

The prosecution and the accused persons were not in court when the judge dismissed the suit on Wednesday.

Apart from the GTB, other accused persons were, Kunle Akeju, Ezemo Imokhuede, Adebayo Oluwaseun, Ibitogbe Benjamin, Fatai Olanrewaju, Olayinka Idris and Rowane Jubril.

The firms, which were charged along with them, were, Ryden Oil limited, Petrogap Limited, Fagbemso Petroleum Company, Energy Factory Marine & Oil Services Limited.

In the charges, tagged, FHC/L/367C/13, filed for the SFU by Effiong Asuquo, GTB and Fatgbemso Petroleum Company and others at large were accused of aiding the other accused persons to defraud the government.

The SFU had accused them of fraudulently collecting about N2.7bn from the Federal Government between June and November, 2011, under the guise of supplying fuel under the subsidy scheme.

-punch