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

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has re-arraigned Abubakar Peters, Managing Director of Nadabo Energy Limited, over an alleged N1.4 billion oil subsidy fraud before the Lagos State High Court sitting in Ikeja.

Peters was re-arraigned on Tuesday before Ismail Ijelu following the reassignment of the case after the retirement of the previous trial judge, C. A. Balogun.

The defendant and his company, Nadabo Energy Limited, are facing a 27-count charge bordering on allegations of fraud, including 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, Peters and his firm allegedly defrauded the government by falsely claiming subsidy payments for imported Premium Motor Spirit (PMS), commonly known as petrol.

In one of the counts, the prosecution alleged that the defendants fraudulently obtained N978.4 million by claiming it represented subsidy for the importation of 19.48 million litres of PMS.

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However, investigations reportedly showed that only about 6.5 million litres were actually imported.

The EFCC further alleged that the fuel shipment claims involved discrepancies in the vessels used, with the defendants purportedly misrepresenting both the quantity of fuel imported and the logistics of delivery.

The anti-graft agency also accused Peters and his company of forging a marine insurance certificate to facilitate the fraudulent subsidy claim.

The document, identified as Certificate of Marine Insurance No. 0047851, was allegedly presented as having been issued by Staco Insurance Plc, a claim the prosecution says was false and intended to deceive authorities.

At the resumed proceedings, Peters pleaded not guilty to all charges.

Following his plea, prosecution counsel S.K. Atteh requested a trial date and urged the court to remand the defendant in a correctional facility pending trial.

However, defence counsel E.O. Isiramen opposed the application, arguing that the defendant had been granted bail as far back as December 19, 2012, and had consistently complied with all bail conditions without absconding.

In his ruling, Ijelu upheld the existing bail conditions, allowing Peters to remain free pending trial.

The court, however, directed his sureties to appear at the next hearing to reaffirm their commitment and ordered the defence counsel to sign an undertaking to ensure the defendant’s presence in court.

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