EFCC Arraigns Three for N652m Theft and Money Laundering

The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) arraigned three individuals—Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, and Issa Aloba Lateef—alongside two companies, Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, before Justice Olubunmi O. Abike-Fadipe at the Special Offences Court in Ikeja, Lagos.

They face an eight-count charge related to conspiracy to steal, stealing, and money laundering involving N652.18 million belonging to Petrocam Trading Nigeria Limited. The arraignment was initially scheduled for July 8, 2026, but was postponed due to the absence of Lateef and his legal counsel.

Charges include the dishonest conversion of over N343.76 million and an additional N200.93 million from Petrocam Trading. The defendants pleaded not guilty, and their counsel requested bail, which was opposed by the prosecution due to prior non-compliance with EFCC invitations.

Justice Abike-Fadipe granted Okolo bail at N200 million and Solomon at N50 million, with strict conditions.