RismadarVoice Reporters, March 31, 2026
The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned the Managing Director of Nadabo Energy Limited, Abubakar Ali Peters, alongside his company, over an alleged N1.4 billion oil subsidy fraud before a Lagos State High Court sitting in Ikeja.
The defendants were re-arraigned before Justice Ismail Ijelu following the reassignment of the case after the retirement of the former trial judge, Justice C.A. Balogun.
Peters and his firm are 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).
According to the EFCC, the defendants allegedly obtained N978.4 million by falsely claiming subsidy for the importation of 19.4 million litres of Premium Motor Spirit (PMS), purportedly purchased from Ashland SA, Geneva, and transported into Nigeria. Investigations, however, revealed that the company imported only about 6.5 million litres of PMS.
The anti-graft agency also alleged that the defendants forged documents, including a Certificate of Marine Insurance, purportedly issued by Staco Insurance Plc, to facilitate the fraudulent claims.
The defendant pleaded not guilty to all charges.
Following his plea, prosecution counsel S.K. Atteh requested a trial date, urged the court to remand the defendant in a correctional facility. However, defence counsel E.O. Isiramen opposed the application, arguing that Peters had been granted bail since December 19, 2012, had met all conditions, and had never defaulted.
In his ruling, Justice Ijelu allowed the defendant to continue on the existing bail terms. The court, however, directed the sureties to appear at the next hearing to reaffirm their commitment, while the defence counsel was ordered 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.
