EFCC re-arraigns Nadabo Energy boss over N1.4bn oil subsidy fraud

The Economic and Financial Crimes Commission (EFCC) on Tuesday re-arraigned the Chief Executive Officer of Nadabo Energy Limited, Abubakar Ali Peters, before the Lagos State High Court in Ikeja over an alleged N1.4 billion oil subsidy fraud.

Peters and his company were re-arraigned before Justice Ismail Ijelu following the retirement of Justice C.A. Balogun, who had been presiding over the matter.

The EFCC is prosecuting the defendants on a 27-count charge bordering on obtaining N1,464,961,978.24 from the Federal Government under the Petroleum Support Fund (PSF) through forged documents and false claims of imported petroleum products.

According to one of the charges, Peters allegedly claimed that Nadabo Energy imported 19.4 million litres of Premium Motor Spirit (PMS) through vessels MT American Express and MT St. Vanessa, whereas investigations revealed that only 6.5 million litres were supplied via MT Evridiki and MT St. Vanessa.

Another count accuses the defendants of forging a Certificate of Marine Insurance purportedly issued by Staco Insurance Plc to facilitate fraudulent subsidy claims.

Peters pleaded not guilty to all the charges.

Following the plea, EFCC counsel, S.K. Atteh, requested a trial date and asked the court to remand Peters in a correctional facility.

However, defence counsel, E.O. Isiramen, opposed the request, noting that the defendant had been on bail since December 19, 2012, and had never violated his bail conditions.

Justice Ijelu upheld the defence’s argument and allowed Peters to continue on the existing bail terms.

The judge, however, ordered the sureties to appear in court on the next adjourned date to reaffirm their commitment.

He also directed the defence lawyer to sign an undertaking to ensure the defendant’s presence in court.

The matter was adjourned to May 19, 20, and 21, 2026, for the commencement of trial.