News
EFCC Arraigns Three, Firms for Alleged N652.18m Theft in Lagos
EFCC Arraigns Three, Firms for Alleged N652.18m Theft in Lagos
The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC, on Wednesday, August 5, 2026, arraigned the trio.
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Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef for an alleged N652.18m theft before Justice Olubunmi O. Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos.
The defendants, alongside two companies, Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, were to be arraigned on July 8, 2026.
However, the arraignment could not proceed as scheduled due to the absence of the fourth defendant, Lateef, proprietor of Crescent Integrated and General Merchandise Limited, and his legal counsel.
Consequently, Justice Abike-Fadipe had adjourned the matter till Wednesday August 5, 2026 for the arraignment of the defendants.
At Wednesday’s proceedings, the defendants were arraigned on an eight-count charge bordering on conspiracy to steal, stealing and money laundering to the tune of N652,182,601:44 (Six Hundred and Fifty-two Million, One Hundred and Eighty-two Thousand, Six Hundred and One Naira, Forty-four Kobo).
One of the counts reads: “Jacob Acheneje Okolo and Upper-Level Energy Resources, sometime between 2022 and 2025, in Lagos, dishonestly stole and converted to your own use the sum of ₦343,765,101.44, property of Petrocam Trading Nigeria Limited, contrary to Sections 280(1)(b) and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”
Another count reads: “That you, Jacob Acheneje Okolo and Upper-Level Energy Resources, sometime between 2022 and 2025, in Lagos, dishonestly stole and converted to your own use the sum of ₦200,932,500.00, property of Petrocam Trading Nigeria Limited, contrary to Sections 280(1)(b) and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”
The defendants pleaded “not guilty” to the charges preferred against them.
Following their pleas, counsel to Okolo( first defendant), Upper-Level Energy Resources( second defendant) and Solomon ( third defendant), C.T.Ahmadu, informed the court that he had filed a motion dated July 8, 2026, praying the court to admit his clients to bail on liberal terms.
He also argued that the defendants were presumed innocent until proven guilty and urged the court to uphold their constitutional rights, particularly as the alleged offences were bailable.
He further submitted that the defendants would present witnesses in their defence at the trial.
Counsel to Lateef( fourth defendant) and Crescent Integrated and General Merchandise Limited (fifth defendant), Kola Gbadamosi, thereafter, made an oral application for the bail of his clients.
In support of his application, he cited relevant judicial authorities, including Alabi v. Federal Republic of Nigeria (2017) and V. Abang v. FRN (2024).
He also informed the court that the fourth defendant would call one witness in his defence.
Responding, the prosecution counsel, I.G. Akhanolu, opposed the bail applications for the first and third defendants, arguing that they had failed to honour the Commission’s invitations and were therefore liable to jump bail.
Akhanolu further submitted that considering the huge amount of money involved in the matter, the court should impose conditions that would ensure the availability of the first and third defendants throughout the trial.
He, however, did not object to the oral bail application made on behalf of the fourth defendant. He also informed the court that the prosecution would call six witnesses to prove its case.
After listening to the submissions of the defence and prosecution, Justice Abike-Fadipe admitted the first defendant to bail in the sum of N200,000,000:00 (Two Hundred Million Naira), with two sureties resident within the jurisdiction of the court.
The court also admitted the third defendant to bail in the sum of N50,000,000:00 (Fifty Million Naira), with two sureties who must own landed property within the jurisdiction of the court.
EFCC
The judge further ordered that the fourth defendant should continue to enjoy the administrative bail earlier granted him by the Commission pending the determination of a written bail application.
Justice Olubunmi- Fadipe directed the defence counsel to the fourth defendant to file a formal written application for his bail within seven days.
Justice Abike-Fadipe adjourned the matter till December 8 and 9, 2026 for the commencement of trial.
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NNPC Ltd Offers N66 Fuel Discount Throughout the Nation
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
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In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.
“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!
“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!
The promo runs from 1–7 October on the NNPC Fuel App,” the post read.
NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.
“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.
NNPC
NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.
The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.
The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
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Economy
NAF, Innoson Vehicle Manufacturing (IVM) Sets for Partnership to Advance Indigenous Defence Capacity
NAF, Innoson Vehicle Manufacturing (IVM) Sets for Partnership to Advance Indigenous Defence Capacity
The Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, has expressed the readiness of the Nigerian Air Force (NAF) to explore a strategic partnership with Innoson Vehicle Manufacturing (IVM) to strengthen indigenous capacity in aircraft spares production, technology transfer and specialised technical training.
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The CAS stated this on 29 September 2026 when the Chairman of IVM, Chief Dr Innocent Ifediaso Chukwuma, CON, paid a courtesy visit to him at Headquarters NAF, Abuja.
Discussions focused on leveraging IVM’s indigenous manufacturing capabilities to support NAF operational requirements and advance local content in the defence sector. Chief Chukwuma highlighted IVM’s interest and capability in the production of selected aircraft parts and spares, while also showcasing its CNG and electric vehicle manufacturing capabilities.
The CAS welcomed the initiative and reaffirmed NAF’s commitment to partnerships that promote local production, technology transfer and human-capacity development. He also expressed interest in exploring affordable vehicle acquisition options for NAF personnel through convenient payment arrangements, subject to further engagement and applicable procedures.
Innoson Vehicle Manufacturing (IVM)
The engagement underscores the CAS’s drive to harness indigenous innovation and local expertise to strengthen NAF capability and personnel welfare, while supporting Nigeria’s broader pursuit of technological self-reliance and industrial development.
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Nigerian Navy Disclaims Recurrent Fake Recruitment on Social Media
The Nigerian Navy has observed the recurrent circulation of fake recruitment notices on social media platforms and other unofficial channels, purportedly announcing Nigerian Navy recruitment exercises. The Nigerian Navy wishes to state categorically that such notices are not authorised and should not be regarded as official recruitment announcements.
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The Nigerian Navy therefore advises prospective applicants and members of the public to exercise caution and disregard recruitment information obtained from unofficial social media accounts, websites or other unauthorised sources. All official information concerning Nigerian Navy recruitment, including eligibility requirements, application procedures, timelines and categories, will be communicated exclusively through authorised Nigerian Navy channels. The official recruitment website is http://www.joinnigeriannavy.navy.mil.ng, while the Nigerian Navy’s official website is https://navy.mil.ng.
Members of the public are particularly warned against making payments to individuals, agents or unauthorised platforms in connection with Nigerian Navy recruitment. Recruitment into the Nigerian Navy is free of charge, and the Service does not authorise third parties to recruit applicants or collect recruitment fees on its behalf.
Nigerian Navy
The Nigerian Navy will continue to monitor and address the circulation of fraudulent recruitment information and urges the public to rely solely on its official communication channels for accurate and verified information on recruitment exercises.
Signed
AA FOLORUNSHO Director Naval Information
Captain (Nigerian Navy)
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