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Alleged ₦1.4bn Oil Fraud: EFCC Re-Arraigns Nadabo Energy Boss, Ali Peters, Firm in Lagos

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The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), on Tuesday, March 31, 2026, re-arraigned the Managing Director of Nadabo Energy Limited, Abubakar Ali Peters, over an alleged ₦1.4 billion oil fraud before Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja.

Peters, alongside his company, Nadabo Energy Limited, was previously standing trial before Justice C.A. Balogun of the Lagos State High Court, Ikeja.

However, the case was reassigned to Justice Ijelu following the retirement of Justice Balogun.

The defendants are being prosecuted by the EFCC on a 27-count charge bordering on the alleged use of forged documents to obtain the sum of ₦1,464,961,978.24 from the Federal Government as oil subsidy.

One of the counts reads:

“Nadabo Energy Limited and Abubakar Ali Peters, on or about the 3rd day of April, 2012, at Lagos, within the Lagos Judicial Division, with intent to defraud, fraudulently obtained the sum of ₦978,401,732.09 (Nine Hundred and Seventy-Eight Million Four Hundred and One Thousand Seven Hundred and Thirty-Two Naira, Nine Kobo) from the Federal Government of Nigeria by falsely claiming that the sum represented subsidy accrued to Nadabo Energy Limited under the Petroleum Support Fund for the importation of 19,488,992 litres of Premium Motor Spirit (PMS), which Nadabo Energy Limited purported to have purchased from Ashland SA, Geneva, Switzerland, and transported through MT American Express (mother vessel) and MT St. Vanessa (daughter vessel) to Nigeria, whereas Nadabo Energy Limited only imported 6,505,140.04 litres of PMS through MT Evridiki (mother vessel) and MT St. Vanessa (daughter vessel).”

Another count reads:

“Nadabo Energy Limited and Abubakar Ali Peters, on or about the 25th day of October, 2011, at Lagos, within the Lagos Judicial Division, with intent to defraud and in order to facilitate the obtaining of money by false pretence from the Federal Government of Nigeria under the Petroleum Support Fund (PSF), forged a document titled: Certificate of Marine Insurance No. 0047851 and purported it to have been issued by Staco Insurance Plc to Nadabo Energy Limited.”

He pleaded “not guilty” to the charges preferred against him.

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

Responding, defence counsel, E.O. Isiramen, opposed the prosecution’s request for remand.

He argued that the defendant was granted bail on December 19, 2012, and had perfected the bail conditions.

He further submitted that his client had never jumped bail and urged the court to allow him to continue on the existing bail.

Justice Ijelu ruled that the defendant should continue on the existing bail.

The sureties were ordered to appear in court on the next adjourned date to reaffirm their commitment to stand as sureties.

The judge also directed the defence counsel to sign an undertaking to produce the defendant at the next adjourned date.

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

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EFCC

FBI Commends Olukoyede, EFCC for Support in Tackling Sextortion, Cybercrime

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The Federal Bureau of Investigation (FBI) has commended the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Commission for their efforts and vital role in Operation Artemis, a joint international effort to disrupt financially motivated sextortion networks targeting minors.

The commendation was conveyed in a letter signed by FBI Director Kash Patel, who praised the Commission for its collaboration with the Bureau in the arrest and extradition of suspects facing federal charges in the United States.

In the letter addressed to Olukoyede, Patel acknowledged the Commission’s contribution to the operation, stating that “the Economic and Financial Crimes Commission, EFCC, has played a vital role in Operation Artemis, a joint effort focused on disrupting financially motivated sextortion rings targeting juveniles.”

He said that, under Olukoyede’s leadership, the EFCC designated personnel to support the investigations and facilitate the transfer of suspects from Nigeria to face prosecution in the United States.

Specifically, the FBI Director commended the EFCC for apprehending Adebola Festus Adekunle and Mudashiru Afeez Olawale, who were indicted in the United States in 2023 over allegations relating to the sexual exploitation and extortion of minors.

The two suspects were extradited to the United States in August 2026, with the EFCC facilitating the process following investigations and extradition proceedings. They are facing federal charges relating to sexual exploitation in cases involving the deaths of minors.

Patel noted that the successful outcome of the cases would not have been possible without the EFCC’s assistance and commitment to international law enforcement cooperation.

“The successful outcome of these cases would not have been possible without your assistance and dedication to international law enforcement collaboration,” he said.

The FBI Director further expressed appreciation to Olukoyede and the Commission for their commitment to justice and continued cooperation, while expressing optimism about strengthening the partnership between both agencies.

“Please accept my sincere appreciation for your commitment to justice and steadfast cooperation. I look forward to the continued partnership with the EFCC,” he stated in the letter.

The extradition of Adekunle and Olawale followed FBI investigations into separate sextortion schemes targeting male minors in the United States. The investigations linked the alleged activities to two teenage victims who died by suicide after being subjected to online sexual exploitation and extortion.

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EFCC

EFCC Photo News

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The Japanese Ambassador-Designate to Nigeria, His Excellency, Hideo Suzuki Paid a Courtesy Visit to the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede in his office today, October 28, 2026. He was accompanied on the visit by First Secretary, Security, Yuji Murakami and Senior Information Analyst, Dogara Ankut.

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EFCC

₦2.7bn Fraud: Court Jails Former Banker for 39 Years

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Justice O. O. Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, October 27, 2026, sentenced a former banker, Christopher Jackson Edeh, to a total of 39 years’ imprisonment for his involvement in a ₦2.7 billion fraud prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

Edeh, who was arraigned on February 28, 2024, faced nine counts bordering on fraudulent false accounting and unauthorised access to a computer system.

The charges alleged that he altered the bank account details of several customers and government-related entities, including the Kano State Government Power Intervention Fund, NNPC Trading Limited, Stallion Vision Ltd, the Lagos State Government Blue Line, the State Contributory Pension Account and Chukwuemeka Odumegwu Ojukwu University, with intent to defraud.

During the trial, prosecuting counsel, Z. B. Atiku, called three witnesses and tendered several documents in evidence to establish the case against the defendant. The defence, in turn, called one witness.

In her judgment, Justice Abike-Fadipe held that the prosecution had proved its case beyond reasonable doubt and consequently convicted Edeh on all nine counts.

The court sentenced him to five years’ imprisonment without an option of fine on each of counts one to seven, bordering on fraudulent false accounting, and two years’ imprisonment without an option of fine on each of counts eight and nine, relating to unauthorised access to a computer system with intent to facilitate the commission of crimes.

The court ordered that all the sentences run concurrently.

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