EFCC arraigns three Indians, Nigerian over alleged N1bn steel diversion

The Economic and Financial Crimes Commission (EFCC) has arraigned three Indian nationals and a Nigerian before the Kwara State High Court in Ilorin over an alleged conspiracy and criminal breach of trust involving steel products valued at about ₦1 billion.

The defendants — Lalit Sarwat, Ravi Raghavendra and Gagan Sarswat, all Indian nationals, alongside Oniyide Samuel, a dispatch manager based in Ilorin — were brought before Justice Sulaiman Akanbi on Wednesday, December 17, 2025.

They are facing a two-count charge bordering on conspiracy and criminal breach of trust, offences said to be contrary to and punishable under Sections 97 and 314 of the Penal Code.

According to the EFCC, the defendants were employees of KAM Steel Integrated Company Limited and allegedly conspired between November 2024 and September 2025 to unlawfully convert the company’s steel products for personal use.

In the first count, the anti-graft agency alleged that the defendants, along with one Kumar Saroj, who is currently at large, agreed to commit criminal breach of trust while serving as staff of the steel manufacturing firm.

The second count alleged that the defendants, having been entrusted with steel rebars belonging to the company, dishonestly misappropriated or converted the items, thereby committing criminal breach of trust. The EFCC further alleged that Oniyide Samuel operated under the name and style of Incognito Steel during the commission of the alleged offences.

All the defendants pleaded not guilty when the charges were read to them in open court.

Following their plea, EFCC counsel, Cosmas Ugwu, applied for their remand in the custody of the Nigerian Correctional Service (NCoS) pending the commencement of trial.

However, defence counsel Ademuyiwa Abe, S. J. Ochai and D. M. Ayuba filed bail applications on behalf of the defendants, arguing that the offences were bailable and urging the court to grant them bail.

Opposing the applications, Ugwu asked the court to deny bail, noting that three of the defendants are foreign nationals and pose a flight risk. He also requested an accelerated hearing of the case to ensure speedy trial.

Justice Akanbi adjourned the matter to Friday, December 19, 2025, for ruling on the bail applications and ordered that the defendants be remanded in the custody of the Nigerian Correctional Service pending the court’s decision.