The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), on Tuesday, March 31, 2026, re-arraigned the Managing Director of Nadabo Energy Limited, Abubakar Ali Peters, over an alleged ₦1.4 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, Ikeja.
However, the case was reassigned to Justice Ijelu following the retirement of Justice Balogun.
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 ₦1,464,961,978.24 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 ₦978,401,732.09 (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 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 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 the obtaining of 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 it to have been issued by Staco Insurance Plc to Nadabo Energy Limited.”
He pleaded “not guilty” to the charges preferred against him.
Following his plea, prosecution counsel, S.K. Atteh, requested a trial date and also urged the court to remand the defendant in a correctional centre.
Responding, defence counsel, E.O. Isiramen, opposed the prosecution’s request for remand.
He argued that the defendant was granted bail on December 19, 2012, and had perfected the bail conditions.
He further submitted that his client had never jumped bail and urged the court to allow him to continue on the existing bail.
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 reaffirm their commitment to stand as sureties.
The judge also directed the defence counsel to sign an undertaking to produce the defendant at the next adjourned date.
The matter was adjourned till May 19, 20, and 21, 2026, for the commencement of trial.
