The Economic and Financial Crimes Commission (EFCC) has rearraigned the Chief Executive Officer of Nadabo Energy Limited, Abubakar Peters, before the Lagos State High Court in Ikeja over an alleged N1.4 billion fuel subsidy fraud.
Peters was arraigned before Justice Ismail Ijelu on a 27-count charge bordering on obtaining money by false pretence and the use of forged documents to secure subsidy payments from the Federal Government.
According to a statement issued on Tuesday by the EFCC spokesperson, Dele Oyewale, the defendant and his company were previously standing trial before Justice C.A. Balogun of the same court.
However, the case was reassigned to Justice Ijelu following the retirement of Justice Balogun.
The anti-graft agency alleged that Peters and Nadabo Energy Limited fraudulently obtained N1,464,961,978.24 from the Federal Government under the Petroleum Support Fund (PSF) scheme.
In one of the counts, the EFCC claimed that on or about April 3, 2012, the defendants obtained N978,401,732.09 from the Federal Government under the pretext of subsidy payments for the importation of 19,488,992 litres of Premium Motor Spirit (PMS) allegedly purchased from Ashland SA, Geneva, Switzerland.
The prosecution further alleged that the product was said to have been transported into Nigeria using MT American Express (mother vessel) and MT St. Vanessa (daughter vessel).
However, investigations by the commission revealed that only 6,505,140.04 litres of petrol were actually imported through MT Evridiki (mother vessel) and MT St. Vanessa (daughter vessel).
The EFCC also accused the defendants of forging a document titled “Certificate of Marine Insurance No. 0047851,” allegedly issued by Staco Insurance Plc, which was used to facilitate the fraudulent subsidy claim.
Peters and his company pleaded not guilty to all the charges.
Following the plea, the prosecution counsel, S.K. Atteh, asked the court to fix a date for trial and requested that the defendant be remanded in a correctional facility.
However, defence counsel E.O. Isiramen opposed the request, arguing that the defendant had been granted bail since December 19, 2012, and had consistently complied with all the bail conditions without absconding.
In his ruling, Justice Ijelu allowed the defendant to continue on the existing bail conditions earlier granted by the court.
The judge also ordered the sureties to appear in court on the next adjourned date to reaffirm their undertakings, while directing the defence counsel to sign an undertaking to produce the defendant whenever required.
The case was subsequently adjourned to May 19, 20 and 21 for the commencement of trial.
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