EFCC Re-Arraigns Nadabo Energy Boss Over ₦1.4 Billion Fraud

On March 31, 2023, Abubakar Ali Peter, the boss of Nadabo Energy Limited, was re-arraigned by the Economic and Financial Crimes Commission (EFCC) at the Lagos State High Court in Ikeja. He faces 27 counts of alleged fraud amounting to ₦1.4 billion related to oil subsidy payments from the Federal Government of Nigeria.

The case was reassigned following the retirement of Justice C. Balogun.

The charges include allegations of obtaining fraudulent documents to claim ₦978,401,732.09, representing subsidies for the importation of 19,488,992 liters of Premium Motor Spirit under the Petroleum Support Fund. Additionally, he is accused of importing 6,505,140.04 liters of fuel using forged certificates of marine insurance purportedly issued by Staco Insurance PLC.

Peter pleaded not guilty to the charges. The prosecuting counsel, S.K.

Atteh, requested a trial date, while the defense counsel, E.O. Isiramen, opposed the request but noted that Peter had not breached bail conditions set by Justice Ijelu.

The case is adjourned to May 19, 2026, for trial commencement.