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Abubakar Ali Peters, Nadabo Energy boss, on trial over alleged N1.4bn oil subsidy scam.

 

Owolola Adebola

The ongoing trial of Abubakar Ali Peters and his company, Nadabo Energy Limited, for alleged N1.4billion fraud, before Justice C.A. Balogun of the Lagos State High Court sitting in Ikeja, Lagos continued on Tuesday, November 16, 2021, with the Court admitting in evidence all the documents tendered by the prosecution against the defendants.

Abubakar and his company are being prosecuted by the Economic and Financial Crimes Commission,(EFCC) for allegedly using forged documents to obtain N1,464,961,978.24 from the Federal Government as oil subsidy, after allegedly inflating the quantity of Premium Motor Spirit, (PMS) purportedly imported and supplied by the company.

They pleaded “not guilty” to the charges preferred against them.

The prosecution counsel, S.K. Atteh, had, at the sitting on March 10, 2021, sought to tender correspondences between the EFCC and Petrocam Trading PYT Limited as well as the Corporate Affairs Commission (CAC) in relation to the alleged fraud.

He had sought to tender them through the Executive Chairman of EFCC, Abdulrasheed Bawa, who is the fifth prosecution witness and the lead investigator.

The Defence team, led by E.O. Isiramen, had, however, raised objections to the admissibility of the documents, citing several authorities, including Section 83 of the Evidence Act.

He had argued that the documents sought to be tendered were being brought to the knowledge of the defence, during the pendancy of the trial, several years after the case had already commenced.

“The defence should not be taken by surprise,” he had said.

In his response, Atteh had cited several authorities, arguing that, “the difference here is that the documents were not just created by the time they were included as additional proof of evidence”.

Delivering the ruling today, Justice Balogun dismissed the objections raised by the defence as lacking in merit.

With regard to the correspondence between the EFCC and Petrocam, Justice Balogun held that “The documents sought to be tendered were already in existence before this case was filed.

“Petrocam only gave documents of what already took place to the EFCC; and so, there is no surprise for the defence.”

On the objections raised to the admissibility of the correspondence between the EFCC and the CAC, the Judge reminded the defence of its ruling on February 2, 2021 on a similar argument still being canvassed and said: “The Court is still bound by its ruling in relation to certifying officers and payment for certification and shall abide by its earlier ruling. And so, in the circumstance, the objection is overruled.”

Thereafter, the letters of investigation activities written by the EFCC to Petrocam and the CAC as well as the responses from the two agencies were admitted in evidence against the defendants as exhibits O4, O5 and O51.

Testifying further, Bawa told the Court that the correspondences were thoroughly studied in the course of the investigation.

He also told the court that the correspondences further unearthed several activities embarked upon to defraud the Federal Government in fuel subsidy funds.

He said: “We studied the responses from Petrocam and found out that, contrary to the claim of the defendant that Ashland Energy SA was the supplier, it was Petrocam Trading PYT Limited that supplied about 4,500MT equivalent to about 6.5million litres of PMS as against the claim of about 14,000MT of PMS equivalent to about 19.8million litres purportedly supplied by the defendant.

“The response also confirmed to us that the Letter of Credit  (LC) No. SPG/DLC/11/0013 is actually in favour of Petrocam and not Ashland Energy as claimed by the defendant’s purported documents.

“We also found out that the daughter vessel, MT St Vanessa, received the product  on 2nd December 2011 from a mother vessel, MT Eviridiki, which was contrary to the claim by the defendant that, on the 2nd of December 201, MT Vanessa received the products from MT American Express.”

“The correspondence with the CAC”, he said, “confirmed that Abubakar was among the shareholders and directors of the company and that indeed the company was duly registered.”

In furtherance of the investigation and fallout of the correspondence with Petrocam, Bawa said letters of investigation activities were sent to Enterprise Bank Limited, requesting to be furnished with the copies of instruments used for the utilisation of certain funds in the account of the first defendant.

He further said: “The bank received our original letter, acknowledged the copy and accordingly responded to our letter in writing, attaching copies of the requested documents.

“We equally wrote another investigation letter to Skye Bank Plc for copies of the account opening documents and the statement of account of the first defendant.

“The bank duly acknowledged receipt and also responded in writing, attaching all the requested documents as well as Certificate of Identification.

“We studied the statement of account and found out that the said account is the account that received the subsidy payment of more than N1.4billion on 4th April 2012 in favour of the transaction in the matter before this honourable court.”

According to him, further analysis indicated that “the entire subsidy payment received was utilised by the defendant, including a huge transfer of N850million to Enterprise Bank, which we found out to be for the liquidation of the LC raised in favour of Petrocam for the actual transaction that took place.”

He further testified that “then Spring Bank was approached by the defendant to finance the said importation.

“The bank agreed and raised the Letter of Credit valued at $4.8million In favour of Petrocam.”

According to him, the investigation showed that the defendant reached out to one Mr. Jide Offor Akpan of International Maritime and Shipping Ltd, who helped to charter MT St Vanessa, adding that “It was the same vessel that received 6.5million litres on 2nd December 2011 from Petrocam based on the LC that was raised.

“We found out that Q & Q Control Services Limited was engaged by the defendant to witness the ship-to-ship transfer of 6.5million litres or about 4,500MT of PMS from MT Eviridiki into MT St Vanessa.

“We also found out that St Vanessa only picked products from MT Eviridiki on 2nd December 2011 of 6.5million litres and discharged the same on behalf of the defendant at Masters Energy depot in Port Harcourt.”

According to him, the findings were contrary to the claims in the documents submitted by the defendant to the Petroleum Products Pricing and Regulatory Agency (PPPRA).

Thereafter, Atteh sought to tender the correspondences between the EFCC and Enterprise Bank as well as Skye Bank.

However, though Isiramen did not object to the admissibility of the EFCC letters, he objected to the admissibility of the responses from the two banks.

Following the arguments by the defence and prosecution, citing several authorities, Justice Balogun adjourned till December 7, 2021, for “ruling and continuation of trial”.

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Headlines

Marine Platforms hails impact of Cabotage regime on indigenous shipping 

—as NIMASA reiterates its commitment to its implementation

Funso OLOJO, Editor

The Federal Government has reaffirmed its commitment to using Nigeria’s Cabotage regime to deepen indigenous participation in the maritime sector, with the Nigerian Maritime Administration and Safety Agency (NIMASA) declaring the development of local shipping capacity a priority.

The Director-General of NIMASA, Dr. Dayo Mobereola, stated this during an inspection tour of the African Pioneer Lagos, a specialised offshore Diving Support Vessel (DSV) operated by Marine Platforms Limited.

The visit, according to the NIMASA DG, underscored the growing capacity of Nigerian-owned and Nigerian-flagged vessels to undertake highly specialised offshore operations that were traditionally dominated by foreign operators.

The African Pioneer Lagos, with IMO Number 9808613, is a Nigerian-flagged DSV measuring approximately 143 metres in length, with a deadweight of about 8,000 metric tonnes.

The vessel is equipped for specialised deep-water subsea construction, diving, inspection and offshore oil and gas operations.

Mobereola said he was impressed by the vessel’s capabilities, stressing that Nigerian-flagged vessels with such capacity should enjoy priority in the nation’s maritime space.

“I’m quite happy at what I have seen today after the tour of this 8,000 metric tonnes African Pioneer Specialised Vessel.

“A vessel such as this flying the Nigerian flag should have priority over any foreign vessel.

“We are automating the Nigerian Ship Registry to make it more attractive and to ensure that more vessels like this fly the Nigerian flag.”

The NIMASA boss said improving the attractiveness and efficiency of the Nigerian Ship Registry was critical to encouraging more shipowners to register their vessels under the Nigerian flag.

He added that strengthening the Cabotage regime remained central to the Federal Government’s efforts to build indigenous shipping capacity and ensure that Nigerian companies and professionals occupy a greater share of opportunities in the country’s maritime and offshore sectors.

For the Chief Executive Officer of Marine Platforms Limited, Mr. Taofeek Adegbite, the company’s experience demonstrates the impact that the Cabotage regime and Nigerian Content legislation can have on indigenous shipping companies.

Adegbite said Marine Platforms had benefited significantly from the policy since acquiring its first vessel, Mt. African Vision, in 2012.

He said the company was proud to operate its vessels under the Nigerian flag and encouraged other Nigerian shipowners to embrace the Nigerian Ship Registry.

“Since 2012, when we got our very first vessel, ‘Mt. African Vision’, we are happy and proud to say NIMASA’s Cabotage Regime and the Nigerian Content Development and Monitoring Board Act has played a major role in ensuring that our vessels have contracts on a regular basis.

“We have no regret flying the Nigerian flag and I will invite more ship owners to register their flags in the Nigerian Ship Registry.”

Adegbite, however, called for greater attention to the classification and certification of crews operating large and highly specialised vessels.

“At the moment, we would appreciate a classification in such a way that the crew who are operating very big vessels are given special attention so that more very large vessels can fly the Nigerian flag,” he said.

He commended NIMASA for its support, stressing that the African Pioneer Lagos demonstrated that Nigerian companies and maritime professionals possess the technical capacity to operate sophisticated vessels to international standards.

According to him, the continued development of Nigerian-flagged vessels would also create greater opportunities for indigenous maritime manpower and professional development.

Adegbite said Nigeria could learn from countries that had successfully developed specialised niches within the global maritime industry.

He cited the Philippines, which has established a strong global reputation in seafaring, and Norway, renowned for shipbuilding, arguing that Nigeria could equally develop a globally recognised area of maritime specialisation.

He stressed that sustained government policies, effective implementation of the Cabotage regime, access to finance, appropriate regulation and development of maritime manpower would be essential to achieving that objective.

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Headlines

MAMAL 2026: Anishere, Ani demand stronger maritime media, more women in leadership

Gloria Odion, Maritme reporter 

President of the Maritime Arbitrators Association of Nigeria (MAAN), Chief Jean Chiazor Anishere, SAN, and President of the Women’s International Shipping and Trading Association (WISTA) Nigeria, Dr. Odunayo Ani, have called for a stronger and more professional maritime media and greater representation of women in leadership and decision-making positions across Nigeria’s maritime and blue economy sectors.

The two industry leaders made the call at the 4th Annual Maritime Lecture of the Maritime Reporters Association of Nigeria (MARAN), where they stressed that credible journalism and inclusive leadership were critical to ensuring accountability, transparency and sustainable growth in the maritime industry.

Represented at the event by Mrs Oyeyemi Jimi-Salami, Anishere said an informed, independent and professionally grounded maritime press was indispensable to the development of the sector, particularly as Nigeria intensifies efforts to unlock the economic opportunities inherent in the Blue Economy.

She commended MARAN for its sustained engagement with critical maritime issues and what she described as its commitment to responsible reportage.

According to her, the association’s annual lecture had become an important platform for industry stakeholders to interrogate emerging challenges, exchange ideas and seek practical solutions to the problems confronting the maritime sector.

Anishere noted that although sound policies, effective regulation and infrastructure investment were essential to maritime development, these could not deliver the desired results without a knowledgeable media capable of educating the public, scrutinising government policies, promoting transparency and demanding accountability from industry players.

She urged MARAN to continue using its platform to promote professionalism, innovation, accountability and sustainable development in the maritime industry.

“Journalism remains a key pillar of a vibrant maritime sector because it strengthens public confidence, supports informed decision-making and ensures that critical industry issues receive the attention they deserve,” she said.

Meanwhile, Ani called for a fundamental shift in the approach to women’s participation in the maritime industry, arguing that it was no longer sufficient merely to promote inclusion without creating clear pathways for women to attain leadership and decision-making positions.

She said WISTA Nigeria would continue to expand its mentorship, networking, advocacy and leadership development programmes to equip women with the skills, experience and opportunities required to advance in the sector.

Ani challenged government agencies, private-sector operators and other maritime stakeholders to go beyond rhetoric by recruiting, retaining, promoting and sponsoring qualified women, while adopting inclusive workplace policies and setting measurable targets for gender diversity.

She also called for concerted action against discrimination, unequal access to opportunities and unsafe workplace practices which, she said, continued to impede the advancement of women in the maritime industry.

The WISTA Nigeria president further urged male professionals and industry leaders to become active allies in promoting gender equality by mentoring, sponsoring and advocating for women in their organisations.

Ani stressed that women should not be regarded as mere participants in Nigeria’s maritime development but as critical drivers of innovation, leadership and sustainable economic growth.

She argued that providing women with equal opportunities to lead and contribute would not only advance fairness but also strengthen Nigeria’s ability to fully harness the enormous economic potential of its maritime and blue economy.

The speakers’ interventions at the MARAN lecture underscored the growing recognition that Nigeria’s maritime transformation requires not only infrastructure, policy and investment, but also a credible media that can hold the industry to account and a leadership structure that draws fully on the talents of both men and women.

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Commentaries

Blue Economy Engine: Decoding unstoppable rise of Nigeria’s maritime gateways

Monday Discourse with Ibrahim Nasiru

The latest operational data from Nigeria’s maritime sector shows a significant shift in trade capacity that deserves close attention.

In a period where national economic discourse is heavily focused on foreign exchange stability and trade balance, the Nigerian Ports Authority (NPA) recently released its operational performance report for the second quarter of 2026.

The figures indicate clear, measurable progress across our major shipping channels.

Under the current management led by Dr. Abubakar Dantsoho, total cargo throughput at the nation’s seaports grew by 12.3% year-on-year, moving from 31.83 million metric tonnes in the second quarter of 2025 to 35.74 million metric tonnes in Q2 2026.

This growth was closely supported by a 14.4% increase in ocean-going vessel traffic, which recorded 1,201 vessel calls during the three months under review.

These statistics are notable because they reflect actual operational changes rather than mere administrative adjustments.

For decades, Nigerian Ports were held back by slow container clearing times, heavy bureaucratic red tape, and severe traffic congestion around the Lagos Ports.

The current upward trend shows that the ongoing efforts toward Port modernization, including the digital integration of the National Single Window system, are beginning to show results on the ground.

By reducing physical bottlenecks and shortening the time cargo spends at the berths, terminal operations are becoming more reliable for international shipping lines and domestic businesses alike.

A highly encouraging aspect of the Q2 2026 data is the 22% increase recorded in export-related outward cargo.

For an economy that urgently needs to diversify away from absolute reliance on crude oil revenues, this rise in export volumes shows that the policy of establishing dedicated export terminals is functioning as intended.

Local manufacturing concerns, agricultural aggregators, and non-oil exporters are finding it relatively easier to move their goods out to global markets.

Additionally, the emergence of transshipment container traffic—which grew to 29,038 TEUs this quarter from zero in the same period last year—proves that Nigeria is regaining its position as a major logistics transit hub for the West African sub-region.

However, the report also highlights a persistent structural reality that economic planners must continue to address.

Out of the 35.74 million metric tonnes of cargo handled, inward cargo or imports still accounted for the larger share at 56.8%, while outward cargo stood at 41.9%.

While the gap is closing due to the 22% export growth, it reminds us that maritime efficiency must be backed by a strong domestic production base.

The Ports can only serve as efficient gateways; the real value lies in ensuring that what leaves our shores consists of processed, value-added Nigerian goods rather than just raw agricultural products or unrefined solid minerals.

The second-quarter performance numbers show that the maritime sector is currently serving as a stable and productive engine for the nation’s broader economic goals.

It demonstrates that clear policy direction and disciplined institutional management can stabilize critical national infrastructure even during periods of global trade volatility.

As the NPA works to sustain this momentum through the rest of the year, the priority must remain on full automation, eliminating unreceipted costs at the Ports, and strengthening rail connectivity to the hinterland.

By locking in these operational gains, Nigeria is steadily turning its maritime gateways into solid pillars of long-term commercial prosperity.

Chief Ibrahim Nasiru, a public affairs analyst, writes from Abuja 

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