Nadabo Energy Boss, Abubakar Peters, Re-arraigned Over ‘N1.4bn Oil Fraud’

The Economic and Financial Crimes Commission (EFCC) has rearraigned the Chief Executive Officer of Nadabo Energy, Abubakar Peters, at the Lagos State High Court in Ikeja over an alleged N1.4 billion oil subsidy fraud.

According to a statement by EFCC spokesperson Dele Oyewale on Tuesday, Mr Peters appeared before trial judge Ismail Ijelu.

The statement stated that Mr Peters and his company previously stood trial before another judge, C.A. Balogun of the same court.

However, the case was reassigned to Mr Ijelu following Mr Balogun’s retirement.

The defendants are facing 27 counts of using forged documents to obtain N1.5 billion (N1,464,961,978.24) from the federal government under the oil subsidy scheme.

In one of the counts, the EFCC alleged that Nadabo Energy Limited and Mr Peters, on or about 3 April 2012 in Lagos, fraudulently obtained N978,401,732.09 from the federal government with the intent to defraud.

The commission further accused the defendants of falsely claiming the amount represented subsidy payments for the importation of 19,488,992 litres of petrol purportedly purchased from Ashland SA, Geneva, Switzerland.

It added that the product was transported via MT American Express (mother vessel) and MT St. Vanessa (daughter vessel).

However, EFCC maintained that only 6,505,140.04 litres were actually imported through MT Evridiki (mother vessel) and MT St. Vanessa (daughter vessel).

In another count, the EFCC stated that the defendants forged a document titled Certificate of Marine Insurance No. 0047851, purportedly issued by Staco Insurance Plc, which was allegedly used to facilitate the fraudulent obtaining of funds under the Petroleum Support Fund (PSF).

Mr Peters and his company pleaded “not guilty” to the charges.

Following the plea, prosecution lawyer S.K. Atteh requested a trial date and prayed the court to remand the defendant in a correctional facility.

However, defence lawyer E.O. Isiramen opposed the application, noting that the defendant had been granted bail since 19 December 2012 and had complied with all bail conditions without jumping bail.

Ruling on the application, Mr Ijelu ordered that the defendant should continue on his existing bail.

The court also directed the sureties to appear on the next adjourned date to reaffirm their undertakings and asked the defence counsel to sign an undertaking to produce the defendant in court.

The matter was adjourned until 19, 20 and 21 May for the commencement of the trial.