EFCC Re-Arraigns Nadabo Energy Boss Over ₦1.4bn Oil Fraud

EFCC Re-Arraigns Nadabo Energy Boss Over ₦1.4bn Oil Fraud

The Economic and Financial Crimes Commission (EFCC) has re-arraigned Abubakar Ali Peters, Managing Director of Nadabo Energy Limited, alongside his company before Justice Ismail Ijelu of the Lagos State High Court, Ikeja, over an alleged ₦1.4 billion oil subsidy fraud. The hearing took place on Tuesday, March 31, 2026.

The defendants were previously standing trial before Justice C.A. Balogun, but the case was reassigned following the judge’s retirement. The EFCC is prosecuting Peters and Nadabo Energy Limited on a 27-count charge involving alleged use of forged documents to defraud the Federal Government of Nigeria under the Petroleum Support Fund (PSF).

One of the charges alleges that on April 3, 2012, the defendants fraudulently obtained ₦978,401,732.09 by falsely claiming to have imported 19,488,992 litres of Premium Motor Spirit (PMS) from Ashland SA Geneva, Switzerland, when in reality only 6,505,140.04 litres were imported. The purported delivery involved mother and daughter vessels, including MT American Express, MT Evridiki, and MT St. Vanessa.

READ ALSO:

• US Senator Ted Cruz Alleges Nigerian Officials Behind Christian Killings
• ‘I Have Not Resigned’ – Power Minister Adelabu Debunks Viral Resignation Report
• Benue Declares One-Week Easter Holiday for Civil Servants

Another count accuses the defendants of forging a Certificate of Marine Insurance no. 0047851, allegedly issued by Staco Insurance Plc, to facilitate obtaining funds under the PSF on October 25, 2011.

Peters pleaded not guilty to all the charges.

During proceedings, prosecution counsel S.K. Atteh requested that the court set a trial date and considered remanding the defendant in a correctional centre. Defence counsel E.O. Isiramen opposed the remand, noting that Peters had been granted bail on December 19, 2012, had complied with all conditions, and had never absconded. He urged the court to allow Peters to continue on his existing bail.

Justice Ijelu ruled in favour of the defence, allowing Peters to remain on bail. Sureties were ordered to appear in court on the next adjourned date to reaffirm their undertaking, and the lawyer was directed to sign an undertaking to produce the defendant for trial.

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

The EFCC has continued to intensify its crackdown on financial crimes in Nigeria’s oil and gas sector, with particular focus on companies allegedly misappropriating subsidy funds. Analysts say cases like Peters’ highlight the ongoing challenges of regulating petroleum transactions and ensuring transparency in subsidy disbursement.

Observers note that convictions in such high-profile cases could serve as a deterrent for other players in the sector involved in large-scale financial fraud.

EFCC Re-Arraigns Nadabo Energy Boss Over ₦1.4bn Oil Fraud