EFCC Arraigns Three Over Alleged N652 Million Theft, Money Laundering

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 ₦652.18 million belonging to Petrocam Trading Nigeria Limited.

The defendants — Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, Issa Aloba Lateef, alongside Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited — appeared before Justice Olubunmi O. Abike-Fadipe on Friday on an eight-count charge bordering on conspiracy, stealing and money laundering.

According to the EFCC, the defendants allegedly diverted hundreds of millions of naira belonging to Petrocam Trading Nigeria Limited between 2022 and 2025 through fraudulent transactions and converted the funds for personal use.

The anti-graft agency stated that one of the charges accused Okolo and Upper-Level Energy Resources of dishonestly converting ₦343.76 million belonging to the company.

Another count alleged that the same defendants unlawfully stole an additional ₦200.93 million, while the remaining charges relate to conspiracy and laundering of the proceeds of the alleged offences.

The defendants were initially scheduled for arraignment on July 8, 2026, but the proceedings were postponed because Lateef and his lawyer were absent from court.

At Friday’s sitting, all the defendants pleaded not guilty to the charges preferred against them.

Following the pleas, counsel to the first, second and third defendants, C.T. Ahmadu, urged the court to admit his clients to bail on liberal terms, arguing that they remain innocent until proven guilty and that the offences are bailable under Nigerian law.

He assured the court that the defendants would be available throughout the trial and intended to call witnesses in their defence.

Counsel representing the fourth and fifth defendants, Kola Gbadamosi, also made an oral application for bail, citing relevant judicial authorities in support of his request.

However, EFCC prosecution counsel, I.G. Akhanolu, opposed the bail applications for Okolo and Lateef, informing the court that both men had allegedly failed to honour previous invitations extended by the commission during the investigation.

Akhanolu further urged the court to impose stringent bail conditions because of the substantial amount involved and to ensure the defendants remain available throughout the proceedings.

He disclosed that the prosecution plans to call six witnesses to establish its case during trial.

After considering the submissions of both parties, Justice Abike-Fadipe granted Okolo bail in the sum of ₦200 million with two sureties residing within the court’s jurisdiction.

The court also admitted Solomon to bail in the sum of ₦50 million, requiring two sureties who must own landed property within the jurisdiction.

The judge ordered that Lateef should continue to enjoy the administrative bail earlier granted by the EFCC pending the hearing of his formal written bail application.

The matter was adjourned until December 8 and 9, 2026, for the commencement of trial.