N1.4bn Oil Fraud: EFCC Re- arraigns Nadabo Energy Boss, Ali Peters, Firm in Lagos
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.
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.
