Court sends oil magnate to prison for N750m fraud

The Federal High Court sitting in Port Harcourt, the capital of Rivers State, has remanded the Executive Director of Pennhydro-Pell Oil and Gas Limited, Ugochukwu Joseph Nwaemere, over alleged N750 million fraud.

The oil magnate was remanded by the court following his arraignment by the Economic and Financial Crimes Commission (EFCC) for alleged conspiracy, forgery, and obtaining money under false pretence to the tune of N750,000,000 on Tuesday, June 17, 2025.

Nwaemere was arraigned on a 10-count charge.

One of the charges read: That you, Ugochukwu Joseph Nwaemere being the Managing Director/Chief Executive Officer of Pennhydro-Pell Oil & Gas Limited and Osaogba Christian Izuchukwu (now at large), being the Executive Director of Pennhydro-Pell Oil & Gas Limited, on or about the 17th of April, 2023 at Port Harcourt, Rivers State within the jurisdiction of this Honourable Court, with intent to defraud, obtained a total sum of N750,000,000.00k from Polaris Bank Limited, garrison Junction Branch, Aba Road, Port Harcourt, Rivers State via said Bank with Account Number: 4091160890 under the false pretence that you were awarded a contract for the execution of dredging and stock-pilling of 100,00Om tones of sharp sand on the on-going Bodo-Bonny Road Project, a pretext you knew to be false and thereby committed an offence contrary to Section 1(1)(b) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act.”

Ecobank official jailed for withdrawing N2.4m from customer’s account in Lagos

He pleaded “not guilty” to all the charges when they were read to him, prompting the prosecution counsel, C.Okorie, to ask the court for a trial date.

The defence counsel, U. C. Ngeleoka, informed the court of his application for the bail of the defendant, praying that Nwaemere be granted bail for him to stand his trial.

The presiding judge, Justice E.A Obile, remanded the defendant at the Port Harcourt Correctional Centre till June 21, 2025, for ruling on the bail application.

The Star