EFCC Arraigns 3, 2 Firms Over Alleged N652m Petrocam Fraud

The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC), has arraigned three individuals and two companies before the Special Offences Court in Ikeja, Lagos, over the alleged theft and laundering of N652.18 million belonging to Petrocam Trading Nigeria Limited.

The defendants — Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, Issa Aloba Lateef, Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited — were arraigned before Justice Olubunmi O. Abike-Fadipe on an eight-count charge bordering on conspiracy, stealing and money laundering, according to a statement by the EFCC on Friday.

The anti-graft agency alleged that Okolo and Upper-Level Energy Resources dishonestly converted N343.76 million belonging to Petrocam Trading Nigeria Limited to their personal use between 2022 and 2025.

They were also accused of stealing an additional N200.93 million from the company within the same period.

The defendants pleaded not guilty to all the charges.

Counsel to the first, second and third defendants, C.T. Ahmadu, urged the court to grant his clients bail on liberal terms, arguing that they were presumed innocent until proven guilty and that the offences were bailable. Counsel to the fourth and fifth defendants, Kola Gbadamosi, also made an oral application for bail.

However, prosecution counsel, I.G. Akhanolu, opposed the bail applications for the first and third defendants, arguing that they had previously failed to honour EFCC invitations. He urged the court to impose stringent bail conditions, citing the large amount involved in the case, and disclosed that the prosecution would call six witnesses during the trial.

Justice Abike-Fadipe granted Okolo bail in the sum of N200 million with two sureties resident within the court’s jurisdiction. Solomon was admitted to bail in the sum of N50 million with two sureties who must own landed property within the jurisdiction, while Lateef was allowed to continue on the administrative bail earlier granted by the EFCC pending the hearing of a formal written bail application.

The judge directed counsel to the fourth defendant to file the written bail application within seven days and adjourned the case until December 8 and 9, 2026, for the commencement of trial.