EFCC Arraigns 3 Individuals, 2 Companies Over Alleged ₦652.18bn Petrocam Theft, Money Laundering

The Economic and Financial Crimes Commission (EFCC) has arraigned three individuals and two companies before the Special Offences Court sitting in Ikeja, Lagos, over an alleged theft and money laundering involving ₦652.18 million belonging to Petrocam Trading Nigeria Limited.

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

The defendants had initially been scheduled for arraignment on July 8, 2026, but the proceedings were adjourned following the absence of Lateef and his lawyer.

According to the EFCC, one of the counts alleged that Okolo and Upper-Level Energy Resources dishonestly converted ₦343.76 million belonging to Petrocam Trading Nigeria Limited for their personal use between 2022 and 2025.

Another count accused the same defendants of allegedly stealing and converting an additional ₦200.93 million belonging to the company.

The defendants pleaded not guilty to all eight counts.

Bail applications

Following the pleas, counsel to the first, second and third defendants, C.T. Ahmadu, asked the court to grant his clients bail on liberal terms.

Ahmadu argued that the defendants were presumed innocent until proven guilty and that the alleged offences were bailable. He also told the court that the defendants intended to call witnesses in their defence during the trial.

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

However, EFCC counsel, I.G. Akhanolu, opposed the bail applications for the first and third defendants, particularly on the grounds that they had allegedly failed to honour previous invitations from the commission.

The prosecution also urged the court to impose stringent bail conditions, citing the substantial amount involved in the case and the need to ensure that the defendants remain available throughout the trial.

Akhanolu told the court that the prosecution would call six witnesses to establish its case.

After considering the arguments from both sides, Justice Abike-Fadipe granted Okolo bail in the sum of ₦200 million, with two sureties resident within the court’s jurisdiction.

Solomon was granted bail in the sum of ₦50 million, with two sureties who must own landed property within the jurisdiction.

For Lateef, the court ordered that he should continue to enjoy the administrative bail previously granted by the EFCC pending the determination of his formal written bail application.

The judge further directed counsel to the fourth defendant to file the written bail application within seven days.

The case has been adjourned to December 8 and 9, 2026, for the commencement of trial.

The allegations against the defendants remain unproven, as the court has yet to determine their guilt.