EFCC Re- Arraigns Nadabo Energy Boss, Ali Peters, Firm In Lagos In Alleged N1.4bn Oil Fraud

Alleged N1.4bn Oil Fraud. The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Tuesday, March 31, 2026, re-arraigned Nadabo Energy Boss, Abubakar Ali Peters, for an alleged N1.4 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 sitting in Ikeja.

However, the matter was re-assigned to Justice Ijelu, following Justice Balogun’s retirement.

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 N1,464,961,978.24 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 N978,401,732.09 (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 the 19,488,992 litres of PMS 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 to Nigeria 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 your obtaining 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 the Marine Insurance certificate to have been issued by Staco Insurance Plc to Nadabo Energy Limited.”

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

In view of his plea, prosecution counsel, S.K. Atteh, asked for a trial date and also prayed that the defendant be reminded in a Correctional centre.

Responding, defence counsel, E.O. Isiramen, objected to the prosecution’s prayer for the remand of the defendant.

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

He also submitted that his client had never jumped bail since then, and prayed the court to allow the defendant to continue on his existing bail.

Fraud

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 undertake that they would continue to act as his sureties.

The judge also ordered the lawyer to sign an undertaking to produce the defendant on the next adjourned date.

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

High Court Grants Final Forfeiture Of N3bn, Properties Linked To NNPC Official

Justice J.O Abdulmalik of the Federal High Court sitting in Abuja on Tuesday, March 31, 2026 has granted the final forfeiture of N3,444,000.,000 ( Three Billion, Four hundred and Forty Four Million Naira) and three properties linked to Salihu Nuhu Jamari while serving as the Managing Director of, Nigerian National Petroleum Corporation, NNPC’s Gas and Power Investment Company Limited.

The properties include ; an uncompleted six bedroom semi-detached duplex, with boys’ quarters at Plot 3168, Asokoro District, Abuja, a two bedroom flat, block 2, apartment AI, block, EFG, Orsborne II, Ikoyi, Lagos and a restaurant located at plot 102 cadastral zone C09, Lokogoma District, Abuja.

The judge gave the order, following a motion on notice filed by the Economic and Financial Crimes Commission, EFCC on March 17, 2026 through its counsel, Ekele Iheanacho, SAN.

The court had on February 25, 2026, granted an interim forfeiture order, directing that the publication of the same be made in a national newspaper for any interested party to show cause why the said exhibits should not be finally forfeited to the Federal Government.

The said money ( Three Billion, Four hundred and Forty Four Million Naira) forms part of a case of conspiracy, kickbacks, bribery and money laundering, involving the staff and contractors of the Nigerian National Petroleum Corporation (NNPC) wherein the name of one Salihu Nuhu Jamari featured prominently through a petition dated April 28, 2025.

Court

Upon receipt of the petition, several investigative activities were carried out where it was discovered that Jamari, while serving as Managing Director of NGPIC used his influence through his private companies namely: Cumulus Energy Limited and Pius and Phillips Petroleum Limited wherein he is a director and signatory to the accounts, received kickbacks from three contractors that were awarded three major projects from NNPCL.

Justice Abdulmalik, after considering the application, held that it had merit and ordered the final forfeiture of the assets to the Federal Government of Nigeria.

Police Arrests Suspect In $550,000 Fraud, Identity Theft, Money Laundering Case

The Nigeria Police Force, through the INTERPOL National Central Bureau (NCB) Abuja, has recorded a major breakthrough in the investigation of a transnational fraud, identity theft, and money laundering case involving a United States-based victim, in line with the ongoing drive of the Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, against cyber-enabled crimes.

The case was reported by an American female citizen who was defrauded of Five Hundred and Fifty Thousand United States Dollars ($550,000) between October 2025 and January 2026.

In a well-coordinated operation conducted in Benin City, Edo State, between 23rd and 26th March 2026, operatives of INTERPOL NCB Abuja, acting on credible intelligence, successfully tracked and arrested the suspect on 26th March 2026.

Preliminary investigation revealed that the suspect, Emwanta Eghosa Smith ‘M’, of Uselu, Edo State, perpetrated the fraud by impersonating prominent government officials and other notable public figures to gain the trust of the victim, who was subsequently induced to transfer funds through cryptocurrency platforms. Further findings indicate that the proceeds of the crime were laundered through the acquisition of five vehicles and an unfinished property in Benin City, all of which have been secured as exhibits. Additionally, counterfeit Ten Thousand United States Dollars ($10,000) was recovered from the suspect.

Police Arrests

IGP Tunji Disu reiterates the commitment of the Nigeria Police Force to tackling cyber-enabled financial crimes, identity theft, and transnational fraud, while strengthening collaboration with international partners to ensure that perpetrators are brought to justice and victims are protected.

Members of the public are advised to remain vigilant and exercise caution in online engagements, particularly those involving financial transactions, and to promptly report suspicious activities to law enforcement agencies.

DCP Anthony Okon Placid, psc(+), mni
Force Public Relations Officer
Force Headquarters, Abuja
31st March 2026