Alleged Fake Oil Magnate Wilfred Oti remanded in Port Harcourt on N232m Fraud Charges

Wilfred Chinonso Oti, an alleged fake oil magnate, found himself facing serious charges of impersonation, money laundering, and obtaining money by false pretence as he was brought before Justice P.I. Ajoku of the Federal High Court in Port Harcourt, Rivers State.

The arraignment took place on Friday, July 21, 2023, after the Port Harcourt Zonal Command of the Economic and Financial Crimes Commission (EFCC) filed an eight-count charge against him.

One of the charges against Oti pertains to a fraudulent act he allegedly committed in March 2023, when he obtained $100,000 USD from Mrs Daphne Isidro under the pretext of delivering petroleum products from Russia. The charge states that he knew this claim to be false, constituting an offence under Section 1(1) (b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, punishable under Section 1(3) of the same Act.

Another count in the charge sheet accuses Oti of directly taking possession of the sum of One Hundred and Eight Million, Nine Hundred and Eighty Thousand Naira (N108,980,000.00) between September 24, 2020, and August 13, 2021.

The funds were traced to his First Bank account, and it is alleged that he reasonably ought to have known that the money was part of the proceeds from his unlawful activities, thereby violating Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011, as amended, and punishable under Section 15(3) of the same Act.

Upon the reading of the charges, Wilfred Chinonso Oti pleaded ‘not guilty’ to all of them.

Following his plea, Dr B. Ubi, the prosecution counsel, requested that the court remand Oti at the Port Harcourt Correctional Centre and set a trial date. On the other hand, C. S. Magha, the defendant’s counsel, informed the court that he had filed a bail application for his client. He further pleaded for the court to grant bail to the defendant based on his health condition. However, the prosecution objected to the bail application, citing a lack of material evidence regarding the defendant’s health status.

Justice Ajoku, considering the circumstances, ordered the defendant to be remanded at the Port Harcourt Correctional Centre. The trial is scheduled to commence on September 21, 2023.

Oti’s legal troubles began when operatives of the Port Harcourt Zonal Command arrested him in June 2023 during a sting operation at Rivtaf Golf Estate, Odili Road, Port Harcourt, Rivers State.

He was apprehended on allegations of internet fraud, impersonation, money laundering, and obtaining money under false pretence. Investigations uncovered that Oti had created a WhatsApp account under the name “Russian Petrol Product,” through which he impersonated Goncharov Sergey, the managing director of Spetsnefteservice Refinery. Using this false identity, he offered non-existent petroleum products for sale to his victims, leading to his eventual arrest and prosecution.