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From Sola Ojo, Abuja
The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned an oil firm boss over an alleged N1.4 billion subsidy fraud in Lagos, also securing the conviction of a man for naira abuse in Enugu.
In Lagos, the EFCC re-arraigned the Managing Director of Nadabo Energy Limited, Abubakar Ali Peters, alongside his company, before Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja.
The defendants were facing a 27-count charge bordering on alleged fraud and the use of forged documents to obtain N1,464,961,978.24 from the Federal Government under the Petroleum Support Fund (PSF).
Peters was initially standing trial before Justice C.A. Balogun, but the case was reassigned to Justice Ijelu following the judge’s retirement.
According to the EFCC spokesman, Dele Oyewale, the defendants allegedly fraudulently claimed subsidy payments for the importation of Premium Motor Spirit (PMS) far above the actual volume delivered into the country.
In one of the counts, the prosecution alleged that the defendants obtained over N978 million by falsely claiming to have imported 19.4 million litres of PMS, whereas only about 6.5 million litres was reportedly delivered.
The anti-graft agency further accused the defendants of forging a marine insurance certificate purportedly issued by Staco Insurance Plc to facilitate the fraudulent claims.
Peters pleaded not guilty to all charges.
Following his plea, prosecution counsel S.K. Atteh requested a trial date and urged the court to remand the defendant in a correctional facility.
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However, defence counsel E.O. Isiramen opposed the application, arguing that the defendant had been on bail since December 19, 2012, had met all conditions, and had never defaulted.
Ruling on the submissions, Justice Ijelu allowed the defendant to continue on his existing bail and ordered his sureties to reaffirm their commitment at the next hearing.
The defence counsel was also directed to sign an undertaking to produce the defendant in court.
The case was adjourned to May 19, 20 and 21, 2026, for the commencement of trial.
Meanwhile, in Enugu, Justice F. O. Giwa-Ogunbanjo of the Federal High Court sitting in Independence Layout convicted and sentenced a 24-year-old trader, Iziga Jude Ikechukwu, also known as “Easy-money”, to one year’s imprisonment for abusing the naira.
Ikechukwu was prosecuted by the EFCC for mutilating N81,700 during his birthday celebration at a hotel in Enugu Ezike, where he was seen dancing and stepping on the currency.
The offence contravenes Section 21(1) of the Central Bank of Nigeria Act, 2007.
He pleaded guilty to the charge and was sentenced to one year’s imprisonment with an option of a N300,000 fine.
The court also ordered the forfeiture of the recovered sum to the Federal Government.
The convict was arrested after a viral video showed him abusing the naira during the celebration, reiterating the warning that offenders would continue to face prosecution.
