Supreme court dismisses Nadabo energy MD’s appeals in ₦1.4bn oil subsidy fraud case

The Supreme Court has dismissed two appeals filed by Mr. Abubakar Ali Peters, Managing Director of Nadabo Energy Limited, over an alleged ₦1.4 billion oil subsidy fraud.

Peters had sought to overturn a ruling of the Court of Appeal that revoked his bail and imposed tougher conditions.

He also asked the apex court to permit him to travel abroad for medical treatment.

However, the Supreme Court rejected both requests and directed him to return to the Lagos High Court to continue his trial.

The case, presided over by Justice C.A. Balogun, involves Peters and Nadabo Energy Limited, who are being prosecuted by the Economic and Financial Crimes Commission (EFCC) for allegedly using forged documents to obtain ₦1,464,961,978.24 from the Federal Government under the oil subsidy scheme.

According to the EFCC, the defendants inflated the volume of Premium Motor Spirit (PMS) purportedly imported and supplied by the company, thereby claiming subsidy payments they were not entitled to.

Both Peters and Nadabo Energy Limited have pleaded not guilty to the charges.

The trial is expected to continue before the Lagos High Court as ordered by the Supreme Court.