EFCC Re-arraigns Petro Union For Alleged £2.56bn Barclays Cheque Fraud

The Economic and Financial Crimes Commission (EFCC), on Friday, re-arraigned Petro Union Oil and Gas Company Limited before the Federal High Court in Lagos for alleged forging a £2.6 billion Barclays Bank cheque.

The anti-graft agency docked the oil company before Justice Ayokunle Faji on a seven-count amended charge of forgery, conspiracy, and obtaining money by false pretences.

During the hearing, Prosecutor Adebisi Adeniyi presented the amended charge for reading so that the defendant could enter a plea.

However, the defence lawyer, Chris Obiaka, objected, claiming the charge was irregular because a previous case involved five defendants who had not been formally discharged.

Adeniyi responded that this was a new case, clarifying that the other defendants were being prosecuted separately on a different charge before the Federal High Court in Abuja.

After listening to the lawyers, Justice Faji dismissed the objection and ordered the court registrar to read the charge to Petro Union’s representative. The company pleaded not guilty to all counts.

After the plea, the court fixed February 16, 17, and 18 for the commencement of the trial.

The charges alleged that, dating back to December 1994, Petro Union and its late CEO, Prince Isaac Okpalaeze, forged a Barclays cheque dated December 29, 1994, for £2.56billion, payable to Gladstone Kukoyi & Associates.

Prosecutors claimed that the cheque was falsely presented as part of a foreign investment plan to build three petrochemical plants in Nigeria.

Count one states that the company tried to obtain funds by falsely presenting a cheque to Union Bank of Nigeria in December 1994, in violation of the Miscellaneous Offences Act.

Between 2006 and 2012, Petro Union allegedly sought £2.16 billion from the Central Bank of Nigeria (CBN) using the same cheque, despite knowing it had been seized by the police in 2005.

Other charges included conspiring to fraudulently deceive the CBN and Union Bank by repeatedly demanding the allegedly forged sum of £2.5 billion.