Nigeria, March 7 -- The Economic and Financial Crimes Commission (EFCC) has arraigned four defendants for an alleged N2 billion oil fraud at the Special Offences Court in Ikeja, Lagos.

According to a statement shared by EFCC spokesperson Dele Oyewale on Saturday, the accused appeared before a trial judge, Rahman Oshodi, on Friday.

The defendants are Babatunde Olukunle Oyefolu, Babayemi Isaac Olatunde, Ezekiel Abaki, and Plural Oil Marketing Limited.

They face charges of conspiracy, theft, and possession of stolen property.

"The defendants were arraigned on a four-count charge of alleged conspiracy, theft, and possession of stolen property involving 894,111 litres of base oil valued at N2,000,000,000 (Two Billion Naira)," he stated.

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