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Alleged N1.4bn Oil Fraud: Bawa Reveals How Nadabo Energy Limited’s Boss, Abubakar Ali Peters Made False Transactions



The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, on Wednesday, May 18, further told Justice C.A. Balogun of the Lagos State High Court sitting in Ikeja, Lagos, that Abubakar Ali Peters, the boss of Nadabo Energy Limited, made only one confirmed genuine transaction in the six transactions involved in the oil business with St. Vanessa.

Peters and his company are being prosecuted on a 27-count charge by the EFCC.

At the resumed proceedings of the matter on Wednesday, the defence counsel, E.O. Isiramen, continued with the cross-examination of Bawa, who is the fifth prosecution witness, PW5, in the ongoing trial of Peters and his company, for an alleged N1.4 billion fraud, which he began on December 20, 2021.

Under cross-examination, Bawa acknowledged that there were six transactions. “The defendant had only one confirmed, genuine transaction with St Vanessa. That was the one for about 5,000 MT”, he said.

According to him, in the course of the investigation, the EFCC contacted the owners of MT St Vanessa and the owners confirmed the position of the EFCC.

He disclosed that: “The owners of St Vanessa refuted the entirety of the content of Exhibits B24, B33, B43 in which the defendant claimed that MT St. Vanessa received about 14,000 MT of PMS and discharged 14,000 MT at Masters Energy.

“They refuted all of that, and said that their Vessel picked 6 million litres (about 5,000 MT) of PMS and discharged 6 million litres; and that anything contrary to that is unknown to them.

“They informed us that about 6 million litres were imported and discharged, and anything contrary is unknown to them.”

Bawa further testified that the other directors of the company are not being prosecuted by the EFCC because they are not involved in the alleged fraudulent transaction.

“The directors of Nadabo Energy Limited, who are not charged in this case, made oral and written statements to the EFCC. I reconfirm that the other directors are not charged by the EFCC because they were not involved in this transaction”, he said.

It would be recalled that, Nadabo Energy Limited and Peters are alleged to have used forged documents to obtain the sum of N1,464,961,978.24 from the Federal Government as oil subsidy, after allegedly inflating the quantity of Premium Motor Spirit, PMS, purportedly imported and supplied by the company.

One of the counts read: “Nadabo Energy Limited and Abubakar Ali Peters, on or about the 3rd day of April, 2012 at Lagos, within the Lagos Judicial Division, with intent to defraud, fraudulently obtained the sum of N978,401,732.09 (Nine Hundred and Seventy-eight Million Four Hundred and One Thousand Seven Hundred and Thirty-two Naira Nine Kobo) from the Federal Government of Nigeria by falsely claiming that the sum represented subsidy accrued to Nadabo Energy Limited under the Petroleum Support Fund for the importation of 19,488,992 litres of Premium Motor Spirit (PMS), which Nadabo Energy Limited purported to have purchased from Ashland SA Geneva Switzerland, and transported the 19,488,992 litres of PMS through MT American Express (Mother Vessel) and MT. St. Vanessa (Daughter Vessel) to Nigeria, whereas Nadabo Energy Limited only imported 6,505,140.04 litres of PMS to Nigeria through MT Evridiki (Mother Vessel) and MT St Vanessa (Daughter Vessel).”

Another count read: “Nadabo Energy Limited and Abubakar Ali Peters, on or about the 25th day of October 2011 at Lagos, within the Lagos Judicial Division, with intent to defraud and in order to facilitate your obtaining money by false pretence from the Federal Government of Nigeria under the Petroleum Support Fund (PSF), forged a document titled: Certificate of Marine Insurance no. 0047851 and purported the Marine Insurance certificate to have been issued by Staco Insurance Plc to Nadabo Energy Limited.”

They pleaded “not guilty” to the charges when they were arraigned on December 10, 2012.

After the cross-examination of Bawa, Justice Balogun adjourned the matter to July 6 and 7, 2022 for continuation of cross-examination.


Ex-Skye Bank chairman Tunde Ayeni speaks on paternity scandal with former lover, Adaobi Alagwu.



Former chairman of the board of directors of the defunct Skye Bank (now Polaris Bank) Tunde Ayeni has debunked a report that he reunited with his ex-lover Adaobi Alagwu.

Ms Alagwu, 30, a female lawyer based in Abuja, was said to be Ayeni’s daughter’s classmate when their relationship began.

The lawyer, it was gathered, wants him to admit he is the father of the baby girl she has and take responsibility for her.

Ayeni, however, admitted in a statement released by his media office that his affair with Alagwu set his family backwards and that he would not like to revisit his romance with her.

He said, “Ordinarily, the recent series of media reports linking my name with a lady, Adaobi Alagwu, should not deserve a response from me since the section of the media that is feasting on the issue seems to be uninterested in fact-finding, but mere sensationalism.

“But, given the possibility of even some discerning readers placing some value on the story, this short clarification and disclaimer become necessary.

“I wish to state that, indeed, Ms. Adaobi Alagwu and I had a relationship, which has since ended and, as well-meaning Nigerians can imagine, it was a mistake that has caused my family much pain which I regret and do not wish to continue reliving as a section of the media continues to make me do.”

On the paternity of Alagwu’s child, the businessman explained that the issue “is being resolved and will be resolved in due course but whichever way it is resolved, will never mean a rekindling of the ended relationship between myself and Ms. Alagwu.”

Last year, the Economic and Financial Crimes Commission (EFCC) pulled back the N25.4 billion fraud case it filed against Ayeni and Skye Bank’s former managing director, Timothy Oguntayo.

The commission’s move followed an out-of-court settlement which the duo struck with the agency involving the forfeiture of about N15 billion in cash and assets.

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Tony ELUMELU Celebrates 60th Birthday with Symposium



The Group Chairman, United Bank for Africa (UBA) Plc, Tony Onyemachi Elumelu, CFR, clocked 60 years on Wednesday March 23, 2023 and in commemoration of this event, a symposium was held in his honour at the Tony Elumelu Amphitheatre in UBA House.

The symposium tagged ’60 for 60’ was attended by 60 young beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme, friends and colleagues.

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Seplat Sues Retired Founder Orjiako For Fraudulent Use Of Company’s Letterhead



Seplat Energy Plc has cut ties with founder, A.B.C. Orjiako and Amaze Limited for transacting on behalf of the company without the approval of the board after retirement.

The energy company said it has also commenced legal action against its retired founder and Amaze Ltd.

The company made the disclosure in a filing seen by THE WHISTLER on Thursday and signed by Mr. Basil Omiyi, Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.

The company said, “Seplat Energy Plc (Seplat Energy or the Company) announces the termination with immediate effect of the Consultancy Agreement between the Company’s wholly-owned subsidiary and its co-founder, Dr. A.B.C Orjiako, acting through Amaze Limited.

“Under the Consultancy Agreement, Dr. Orjiako was obliged to provide defined assistance with certain external stakeholder engagements following his retirement from the Board after the 2022 Annual General Meeting in May 2022.”

Orjiako first resgined in November 2021, eight days after Zenith Bank Plc received an order from a Federal High Court sitting in Lagos blocking Seplat from transacting with its embattled founder, Orjiako.

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