RismadarVoice Reporters
August 7, 2026
The Economic and Financial Crimes Commission, EFCC, has arraigned three persons and two companies before the Lagos State Special Offences Court over alleged theft and money laundering involving ₦652.18 million.
The defendants — Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef — alongside Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, were arraigned on an eight-count charge before Justice Olubunmi Abike-Fadipe in Ikeja.
The EFCC alleged that the defendants conspired to steal and dishonestly convert funds belonging to Petrocam Trading Nigeria Limited between 2022 and 2025.
The defendants pleaded not guilty to all the charges.
Defence lawyers subsequently applied for bail, while the prosecution opposed bail for Okolo and Solomon, citing their alleged failure to honour previous invitations by the Commission and the need to ensure their availability for trial.
Justice Abike-Fadipe granted Okolo bail for ₦200 million with two sureties resident within the court’s jurisdiction, while Solomon was granted ₦50 million bail with two sureties who must own landed property within the jurisdiction.
The court also allowed Lateef to continue enjoying the administrative bail earlier granted by the EFCC, pending the determination of his formal bail application.
The case has been adjourned to December 8 and 9, 2026, for commencement of trial.
