Ex-Star Orient MD, Dare Osamo, arraigned over alleged N1.6 Billion fraud

A former Managing Director of Star Orient Nigeria Ltd, Dare Osamo, has been arraigned before the Ikeja High Court on charges bordering on an alleged N1.6 billion fraud.

The court also arraigned a co-defendant, lawyer Bisola Olore, over related charges.

The Lagos State Directorate of Public Prosecution (DPP) filed an 11-count charge against Osamo, ranging from stealing and obtaining by false pretences to forgery. Olore faces a three-count charge of conspiracy and obtaining by false pretences.

During Wednesday’s court proceedings, both defendants pleaded not guilty to the charges.

According to lead prosecution counsel, Mrs. Adetutu Oshinusi, the offences were committed between 2016 and 2019 while Osamo and Olore held key roles in the aviation fueling company. She told the court that the defendants had signed a forged board resolution dated January 19, 2016, and presented it to First City Monument Bank to open a company account.

“They fraudulently secured a N300 million debenture and authorised a N100 million borrowing from Fund Quest Financial Services Ltd, all against the company’s assets,” Oshinusi alleged.

She further claimed that the forged resolution also removed Adegbayemu Nike as company secretary and installed Olore in her place.

The offences allegedly violate Sections 287(8), 314(3), 365(1), and 411 of the Lagos Criminal Law, 2015.

In response, Osamo’s lawyer, Mr. Lawal Pedro (SAN), pleaded for bail, citing the former MD’s poor health and cooperation during previous proceedings. “Even from his sickbed, he walked into court for this hearing,” Pedro told the court.

Pedro also appealed for bail on behalf of Olore, referencing the constitutional presumption of innocence.

However, Mrs. Oshinusi opposed the bail application, arguing the gravity of the charges and the risk of flight, as the offences carry a minimum sentence of seven years per count.

Justice Oyindamola Ogala granted Osamo bail in the sum of N20 million with two sureties in like sum. Olore was granted bail of N10 million, also with two sureties.

Both defendants are required to submit their international passports, present sureties with proof of financial capacity, and provide evidence of ownership of landed property within Lagos State.

Key Facts to Note:

Dare Osamo allegedly forged the signature of Mr. Olanrewaju Bamgbose on a resolution dated May 2, 2018.

Star Orient Nigeria Ltd is a major international energy and commodities firm operating across West Africa.