Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja, on Tuesday, June 30, 2026, admitted in evidence more documents tendered by the Economic and Financial Crimes Commission, EFCC, in the alleged N1.4 billion petroleum subsidy fraud involving the Managing Director of Nadabo Energy Limited, Abubakar Ali Peters, and his company.
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 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 when they were read to him.
At the resumed sitting on Monday, June 29, 2026, the prosecution counsel, S. K. Atteh, called the third prosecution witness, PW3, Adaobi Amanda Obiakor, an EFCC investigator, who narrated how the Commission investigated the alleged subsidy fraud.
Obiakor told the court that the investigation commenced after the EFCC received petitions dated January 5, 2012, from the Minister of Petroleum Resources and some civil society organisations alleging widespread fraud in the petroleum subsidy scheme.
She identified several letters written by the EFCC to the Petroleum Products Pricing Regulatory Agency (PPPRA), requesting documents relating to marketers involved in the subsidy regime, including Nadabo Energy Limited.
The witness stated that the PPPRA supplied a bundle of documents that ormed part of the Commission’s investigation.
The prosecution tendered the petitions, correspondence with the PPPRA, and the agency’s responses. The defence counsel, Paul Daodu, SAN, did not object, and Justice Ijelu admitted the documents in evidence.
Obiako further testified that analysis of the documents revealed an allocation granted to the defendant in August 2011 and subsequent import permits. She stated that the documents indicated that the transaction was financed by Enterprise Bank, prompting the EFCC to write to the bank on February 8, 2012.
According to the witness, Enterprise Bank, in its response dated February 18, 2013, informed the Commission that one of the documents attached to the EFCC’s inquiry did not emanate from the bank and supplied what it described as the authentic document.
The prosecution tendered the correspondence between the EFCC and Enterprise Bank, together with the bank’s certified true copies of relevant documents.
The defence did not object, and the court admitted them as exhibits.
The witness also told the court that the EFCC traced subsidy payments made by the PPPRA through Sky Bank Plc, now Polaris Bank.
She also identified letters written by the Commission to the bank on December 5, 2012, and February 8, 2013, as well as the bank’s responses dated February 4 and February 20, 2013.
The documents, together with related banking instruments, were tendered by the prosecution without objection from the defence and were admitted in evidence.
The Bank documents revealed the following, :T EVRIDIKI, 35, 291,069 Metric tone and 47,882,120 litres on 29 October, 2011. MT ST VANESSA, 4,850,962 Metric tone on 2 December, 2011.
The trader is Petrolcam Trading (PTY) Limited on SPG/DLC/11/003 dated 27 October, 2011, valued at $4,780,125 with drawing amount of $5,087, 203.85. The marketer is Nadabo Energy Limited.
Further documents admitted included correspondence between the EFCC and Petrocam, shipping documents supplied by the company, letters exchanged with the Corporate Affairs Commission (CAC), certified true copies of company documents, and correspondence with the PPPRA.
The prosecution also tendered an email from one Afeni Awani to Abdulrasheed Bawa, the immediate past chairman of the EFCC, during the investigations accompanied by a certificate of identification.
Although the defence counsel, Daodu, objected to the admissibility of the email, arguing that it was sent to Bawa’s personal email address and did not comply with Section 84 of the Evidence Act governing electronically generated evidence, Justice Ijelu overruled the objection and admitted the email and accompanying certificate in evidence.
The court also admitted a summary of the transactions prepared by Bawa as well as the extra-judicial statements of the defendants.
Following the conclusion of the examination-in-chief, defence counsel informed the court that cross-examination of the witness would commence at the next sitting.
Justice Ijelu subsequently adjourned till Tuesday, June 30, 2026 for the defence to cross- examine the witness.
During the cross-examination at Tuesday’s sitting, the witness confirmed that she was one of the members of the investigative team that handled the case.
However, when shown the investigation report already admitted in evidence, she acknowledged that although it contained a summary of the team’s findings, her name did not appear on the document.
The witness also identified Exhibit P27, a letter dated January 20, 2012, addressed to the Managing Director of Nadabo Energy Limited.
She told the court that the letter was prepared and signed by Olaolu Adegbite.
On Exhibit P29(a), the extra-judicial statement of the second defendant, the witness admitted that there was no indication on the document showing it was recorded in his presence.
She, however, maintained that the statement, obtained on January 28, 2012, and February 8, 2013, was made voluntarily. She further confirmed that no legal practitioner was present when the statement was taken.
The witness also told the court that she was not the maker of Exhibit P8, a letter dated June 21, 2012, and was not authorised to sign it. She equally stated that she did not prepare Exhibit P10.
When asked whether any of the documentary exhibits tendered before the court, apart from his oral testimony, showed that she was a member of the investigation team, the witness responded that her name did not appear on any of the documents.
Obiakor said she participated in the investigative visit to the Lagos depot, but did not take part in the team’s visit to the Port Harcourt depot.
Justice Ijelu subsequently adjourned the matter till October 12 and 13, 2026, for the continuation of trial.
