By Emmanuel Thomas l Wednesday, Sept 30, 2026
IKEJA, Lagos — The trial of businessman Michael Abiodun Ponle and his company, Origin Oil and Gas Limited, over an alleged $20 million fraud involving Union Bank of Nigeria, has commenced before an Ikeja High Court in Lagos State.
Ponle and Origin Oil and Gas Limited are standing trial on charges filed by the Economic and Financial Crimes Commission (EFCC), bordering on conspiracy, obtaining money by false pretences, and forgery.
The case stems from an alleged 2012 transaction in which disputed mortgage documents were allegedly used to secure credit facilities granted to Origin Oil and Gas Limited.
At the resumed proceedings before Justice Ismail Ijelu, the prosecution called its first witness (PW1), Ayodeji Durojaiye, a legal practitioner.
Led in evidence by EFCC counsel Spiff Owede, Durojaiye testified that he was instructed by the Chairman of Micom Cables and Wires Limited, Prince Ayantunde Ponle, to investigate documents allegedly used to mortgage some of the company’s properties as security for facilities granted to Origin Oil and Gas Limited.
Durojaiye told the court that his law firm searched court records and obtained Certified True Copies (CTCs) of documents relating to an earlier suit involving Origin Oil and Gas and other parties.
The documents included deeds of mortgage covering prime properties belonging to Micom Cables and Wires Limited, situated at Banana Island and Ijora in Lagos State.
The witness stated that upon examining the documents, his client denied knowledge of the alleged mortgage transactions, maintaining that he neither signed the documents nor authorized the company’s board to pledge the properties as collateral for facilities extended to Origin Oil and Gas.
According to Durojaiye, these findings prompted his law firm to submit a petition to the EFCC in 2021 requesting a formal investigation into the matter.
Under cross-examination by counsel to the first defendant, Olalekan Ojo, SAN, the witness admitted that his firm’s private investigation primarily involved reviewing court files and obtaining certified copies of relevant documents.
Durojaiye acknowledged that his client had noted the signatures on the disputed tripartite deeds of mortgage appeared similar to his own, but re-emphasized that his client firmly denied executing them.
Questioned regarding a prior legal dispute over the Ijora property, Durojaiye confirmed that his firm had acted as solicitors to Micom Cables and Wires Limited, adding that the dispute was resolved through a consent judgment involving settlement payments totaling N170 million for the sale and transfer of the property.
He, however, rejected defense assertions that the settlement established ownership in favor of the first defendant.
The witness further refuted claims that EFCC investigators had advised his client to execute transfer documents regarding the Banana Island property.
Court Orders on Pre-Trial Disclosure
Earlier in the proceedings, Justice Ijelu ruled on applications filed by the defense seeking the disclosure of investigation materials.
The judge ordered the prosecution to provide all existing statements made by interviewed witnesses in its possession or control, but declined to order the production of investigation reports whose existence had not been formally established.
Justice Ijelu subsequently adjourned the matter until October 22, 2026, for the continuation of cross-examination of the first prosecution witness by counsel to the second defendant, Origin Oil and Gas Limited.
