The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Tuesday, re-arraigned Nadabo Energy boss, Abubakar Ali Peters, before Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja over an alleged N1.4 billion oil fraud.
Peters and his company, Nadabo Energy Limited, were initially standing trial before Justice C.A. Balogun. The case was, however, reassigned to Justice Ijelu following the judge’s retirement.
The EFCC is prosecuting the defendants on a 27-count charge bordering on the alleged use of forged documents to fraudulently obtain N1,464,961,978.24 from the Federal Government as oil subsidy payments.
One of the counts reads: “Nadabo Energy Limited and Abubakar Ali Peters, on or about the 3rd day of April, 2012, at Lagos… fraudulently obtained the sum of N978,401,732.09… from the Federal Government of Nigeria by falsely claiming that the sum represented subsidy accrued… for the importation of 19,488,992 litres of Premium Motor Spirit (PMS)… whereas Nadabo Energy Limited only imported 6,505,140.04 litres…”
Another count reads: “Nadabo Energy Limited and Abubakar Ali Peters, on or about the 25th day of October 2011, at Lagos… forged a document titled: Certificate of Marine Insurance no. 0047851… purportedly issued by Staco Insurance Plc…”
The defendant pleaded “not guilty” to all charges.
Following the plea, prosecution counsel, S.K. Atteh, requested a trial date and urged the court to remand the defendant in a correctional centre.
However, defence counsel, E.O. Isiramen, opposed the application, arguing that the defendant had been granted bail since December 19, 2012, had met all conditions, and had never defaulted.
He urged the court to allow Peters to continue on the existing bail.
Justice Ijelu upheld the defence’s request, ruling that the defendant should remain on his previous bail terms.
The court also directed the sureties to appear on the next adjourned date to reaffirm their commitment, while the defence counsel was ordered to sign an undertaking to produce the defendant in court.
The case was adjourned to May 19, 20, and 21, 2026, for the commencement of trial.