By Frank Ulom
The Economic and Financial Crimes Commission (EFCC) has re-arraigned Nadabo Energy Limited boss, Abubakar Ali Peters, over an alleged N1.4 billion oil subsidy fraud before Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja.
Peters and his company were re-arraigned on Tuesday following the reassignment of the case from Justice C.A. Balogun, who previously presided over the matter before his retirement. The EFCC is prosecuting the defendants on 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.
According to the anti-graft agency, the defendants allegedly secured subsidy payments under false pretences by inflating figures relating to the importation of Premium Motor Spirit (PMS). In one of the counts, the prosecution alleged that on April 3, 2012, the defendants fraudulently obtained N978.4 million by claiming it represented subsidy for the importation of 19,488,992 litres of PMS, whereas only 6,505,140.04 litres were reportedly imported.
The EFCC further alleged that the defendants forged a document titled “Certificate of Marine Insurance No. 0047851,” purportedly issued by Staco Insurance Plc, to facilitate the fraudulent claim under the Petroleum Support Fund scheme.
Peters, however, 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 pending trial.
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Defence counsel, E.O. Isiramen, opposed the application, arguing that the defendant had been granted bail on December 19, 2012, and had since complied fully with all bail conditions. He added that his client had never absconded and urged the court to allow him to continue on the existing bail.
In his ruling, Justice Ijelu upheld the defence’s submission and ordered that the defendant should continue on the earlier bail terms.
The court directed the sureties to appear on the next adjourned date to reaffirm their commitment, while also mandating the defence counsel 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.
