Abdullahi Alao, son of the late Ibadan business mogul, Arisekola Alao, standing trial in a N1.1bn subsidy fraud case, on Monday opened his defence.
The Economic and Financial Crimes Commission alleged that Alao and his company, Axe Energy Ltd., the late Opeyemi Ajuyah, Majope Investment and Olanrewaju Olalusi, fraudulently obtained N1,110,049,444.35 from the Federal Government under the guise that it was subsidy payments for 15,206,733 metric tonnes of Premium Motor Spirit, which they purportedly imported into the country.
Ajuyah, who was facing charges alongside other defendants in the N1.1bn fraud case, died in January 2017.
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