Alleged ₦1.4 Billion Oil Fraud: EFCC Re-Arraigns Nadabo Energy Boss In Lagos

The Economic and Financial Crimes Commission (EFCC) re-arraigned Nadabo Energy boss Abubakar Ali Peters before the Lagos State High Court sitting in Ikeja earlier today, March 31, over an alleged ₦1.4 billion oil subsidy fraud.

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Peters was docked alongside his company, Nadabo Energy Limited, before Justice Ismail Ijelu after the case was reassigned following the retirement of Justice C.A. Balogun.

The defendants face a 27-count charge bordering on the alleged use of forged documents to obtain ₦1,464,961,978.24 from the Federal Government of Nigeria as oil subsidy payments.

One of the counts alleges that the defendants fraudulently obtained ₦978,401,732.09 by claiming the sum represented a subsidy for the importation of 19,488,992 litres of Premium Motor Spirit under the Petroleum Support Fund, whereas only 6,505,140.04 litres were allegedly imported.

Another count alleges the defendants forged a Certificate of Marine Insurance purportedly issued by Staco Insurance Plc to facilitate the payment.

Peters pleaded not guilty to the charges.

Following the plea, prosecution counsel S.K. Atteh asked the court for a trial date and urged that the defendant be remanded in a correctional centre.

Defence counsel E.O. Isiramen opposed the request, noting that Peters had been on bail since December 19, 2012 and had not breached the conditions.

Justice Ijelu ordered that the defendant should continue on the existing bail and directed the sureties to appear at the next hearing to reaffirm their commitment. Defence counsel was also ordered to sign an undertaking to produce the defendant in court.

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