Connect with us

Headlines

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”.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Edward Osagie, NIMASA spokesman, shines at 2025 National Spokespersons’ Awards in Abuja

— emerges outstanding spokesperson in Marine and Blue Economy sector 

Funso OLOJO 
Edward Omoruyi Osagie,  the deep and baritone voiced spokesman for the Nigerian Maritime Administration and Safety Agency (NIMASA), has been crowned as the most outstanding spokesperson in the Marine and Blue economy sector.
Osagie, with a benign mien, emerged the best in this category during the Award ceremony of the 2025 edition of the  “National Spokespersons’ Awards(NSAwards) held on Wednesday, April 16th, 2025 at Abuja Continental Hotel.
62 finalists were shortlisted for recognition across 21 competitive categories in this year’s edition of the competition.
Three spokespersons in the maritime industry participated in the final of the Award ceremony.
They included Edward Osagie, the Head of Pubic Relations Department of the Nigerian Maritime Administration and Safety Agency (NIMASA), Ikechukwu Onyemekara, General Manager, Corporate and Strategic Communication Department of the Nigerian Ports Authority(NPA) and Muyiwa Akande, Head of Public Relations unit of Sifax Group.
Osagie of NIMASA emerged a finalist in three categories which include Spokesperson of the year which happens to be the lead category, Outstanding spokesperson (crisis management – pubic sector) and Marine and Blue economy sector.
Olumuyiwa Akande also featured as a finalist in two categories such as Spokesperson of the year category and Marine and Blue Economy sector.
Onyemekara of NPA features as a finalist in the Marine and Blue economy sector.
However, at the final section, Osagie beat all the contestants in the Marine and Blue economy category to emerge a winner.
In other categories, the Head, Media and Publicity Unit of the Economic and Financial Crimes Commission, (EFCC), Mr. Dele Oyewale, a Deputy Commander of the EFCC, emerged  Outstanding Federal Government Spokesperson of the Year, 2025.

Oyewale emerged winner in a highly competitive category that included Presidential Spokesman, Mr. Bayo Onanuga and Josephine Adokuru Mudasiru of the Federal Capital Development Authority, FCDA.

The Chairman of the award’s Adjudication Committee, Dr. Shaibu Husseini, while commending the nominees, emphasized that the selection process was rigorous and driven by merit.

Oyewale stood out for his infusion of finesse in strategic communication, skillful workmanship, impactful media engagements and consistency in the excellent projection of the EFCC’s image and in enhancing public understanding of the Commission’s mandate and activities.

Other winners from other categories include: Olufemi Soneye (NNPCL) as  Distinguished Spokesperson of the Year (Oil and Gas), Nigerian Customs Service as Best Corporate Spokesperson Team, Kashifu Inuwa (NITDA) as Most Supportive CEO to Spokespersons (Public Sector), Femi Babafemi (NDLEA) as  Outstanding Spokesperson (Security Services).

Soneye (NNPCL) beat ACP Olumuyiwa Adejobi of Nigeria Police, Igo Weli-Shell Petroleum, Olumuyiwa Akande, SIFAX Group and Osagie Edward-NIMASA to emerge Spokesperson of the Year.

In his remarks, Joshua Audu Gana, Member House of Representatives congratulated the organizers for identifying and rewarding the outstanding communicators across various sectors.

He lauded the winners for their professionalism and devotion and urged them to continue to strive for excellence in the roles they play.

The Special Guest of Honour, Chairman, House Committee on Media and Public Affairs, Hon. Akintunde Rotimi Jr, emphasized the need for institutions and organizations to involve spokespersons in policy formulation and decision-making processes, noting that spokespersons should be equipped with first-hand knowledge of key issues so as to enhance their effective and accurate public communication.

The National Spokespersons Awards is Nigeria’s foremost platform for celebration of excellence in public relations, strategic communication, and media management.

The award is an annual celebration of individuals and organizations that demonstrate professionalism, innovation, and impactful public communication.

Continue Reading

Customs

Agricultural produce tops exports of 11,459 containers worth $986.4m through Apapa port in three months 

Funso OLOJO / Gloria Odion 
The export initiative programme of the present government led by President Bola Ahmed Tinubu is gradually gathering momentum as 11, 459 containers of export goods passed through Apapa ports in the first quarter of 2025.
This export goods were 5,568 containers higher than the 5,891 containers handled in the corresponding period of 2024.
The export goods, facilitated by the Lilypond export command of the Nigeria Customs service, was worth a whooping sum of $986.4m.
This amount was 300 per cent higher than $236.087m total value of exports which passed through the command in the corresponding period of 2024.
These figures showed an increase of $750.357m representing over 318 percent improvement in value over the corresponding period of 2024.
Addressing the press in his office while giving account of the export activities in the first quarter of 2025, Area Controller of the Lilypond export terminal, Comptroller Ajibola Odusanya, revealed that agricultural products of 2723 containers valued at $596.887m topped the pack.
This was followed by manufactured goods of $134.649m, solid minerals of $87.498 m and other category of exports valued at $18.156m.
“On the volume of trade, the command handled a total of 11,459 containers in the first three months of 2025 which is 5,568 containers higher than the 5,891 containers handled in the first quarter of 2024
“We classified the exports into four Agricultural products, manufactured products, solid minerals and others.
“Agricultural produce forms the highest with a total value of $596.887.111.51. This was followed by manufactured goods, which amounted to $329,915,256.,6, while solid minerals were 550,149,763.41. Others amounted to $9,488,166.26.
Agricultural produce for the first quarter of last year was $542,916.347.5,7 manufactured goods $134,649,364,25, solid minerals $87,498,802,44 and others $18,156,786.87.
“In the first quarter of 2025, our cumulative export value amounted to $986,440,397,78. This is more than 300 per cent higher than the $2.36,087,888.53 total value of exports through this command in the first quarter of 2024.
“Comparatively, this shows an increase of $750,352,509.25 representing over 318 per cent improvement in the value.”
Compt. Odusanya stated that the command recorded N7.13 billion under the Nigeria Export Supervision Scheme (NESS).
He also disclosed that the command strengthened collaboration with exporters by operating an open-door policy that ensures regular interaction and seamless export trade processing.
“Under NESS, which is a statutory payment to the Federal Government on all legitimate goods exported from Nigeria, the command recorded N7,131,463,779.25.
“The Q1 2025 NESS is almost 0.9 per cent higher than the N7,067,351,977.1 recorded under the scheme through our command performance in the first three months of 2024.
“The NCS as a service and the command in particular cannot work in isolation.
” We have always maintained robust engagements with our critical stakeholders and worked strategically with sister government agencies like the NDLEA, SON, NAQS, Police, NAFDAC and others.”
“In addition to collaborating with sister government agencies, I have strengthened our relationship with exporters through operating an open-door policy that ensures regular interaction and seamless export trade processing.”
“I am pleased to announce that user experiences of the LEXC under my watch have continually improved with the prospects of attracting more exporters to the Command and thereby contribute in no small way, the federal government drive for economic diversification through Export.
“Some Nigerian Exporters were among those celebrated by the service three months ago during the formal launch of the authorized economic operator (AED) scheme. For us, this is a testament to the growth of export in the country, especially those using Lagos ports to ship out their goods,” Compt. Odusanya declared.
Continue Reading

Headlines

Stakeholders caution Nigeria over currency swap deal with China 

as CBN lists gains of trade policy 
Gloria Odion 
The Central Bank of Nigeria (CBN) has described the Nigeria-China currency swap deal as a transformative policy instrument that could significantly reduce shipping costs, enhance trade efficiency, and ease foreign exchange pressure in Nigeria’s maritime industry.
Speaking at a stakeholders’ breakfast meeting organized by the Maritime Reporters’ Association of Nigeria (MARAN) in Lagos on Tuesday, the CBN Governor, Mr. Olayemi Cardoso, stated that the agreement—originally signed in 2018 and recently renewed in December 2024—enables Nigerian and Chinese businesses to conduct trade directly in naira and renminbi, bypassing the U.S. dollar.
“The swap agreement simplifies the settlement of trade transactions in local currencies and reduces the pressure on Nigeria’s dollar reserves.
” This, in turn, lowers the cost of doing business and enhances the competitiveness of Nigerian trade,” Cardoso said.
The CBN Governor, who was represented by Mr Anthony Ogufere, Special Adviser to CBN Governor on Finance and Strategy, noted that China had become Nigeria’s largest trading partner by the end of 2024, accounting for about 35% of total imports and reaching a trade volume of $11.58 billion.
 He added that the maritime sector, which handles the majority of Nigeria’s import and export activities, stands to benefit immensely through faster port clearance, improved trade finance instruments, and direct shipping links such as the Lekki Deep Sea Port—a Chinese-backed infrastructure project under the Belt and Road Initiative.
However, the CBN Governor acknowledged that several challenges still hinder the full potential of the currency swap framework.
Chief among them is Nigeria’s significant trade imbalance with China and the limited adoption of yuan-denominated transactions by Nigerian businesses.
He called for greater sensitization, policy coordination, and efforts to expand non-oil exports to China.
The CBN governor also acknowledged the fact that the currency swap deal is not yet popular among Nigerian business owners due to sparse sensitization and mobilisation of the business community.
Also speaking at the event, Mr. Martins Olajide, a representative of the Nigeria-China Strategic Partnership, presented a paper that offered a more cautious outlook.
He noted that while the swap deal provides short-term relief and smoother trade operations, it is not a sustainable solution to the naira’s persistent depreciation.
Describing the swap arrangement as “swapization,” Olajide warned that Nigeria’s economic vulnerability and dependence on imports—especially from China—undermines the true impact of the agreement.
 He emphasized the need for structural reforms, particularly in industrialization, value addition, and local production.
“Without these changes, the swap deal may only reinforce economic dependence on China without solving the underlying issues,” he said.
In his opening remarks, the Chairman of the event and Chairman of the Customs Consultative Council (CCC), Aare Akeem Olarenwaju, decried the volatility of the naira-dollar exchange rate as a major cause of the skyrocketing cost of goods in Nigeria.
 He called for greater public awareness of alternative currency options like the Chinese yuan.
“You can’t determine the price of goods within a few hours due to constant exchange rate changes.
“Today it’s ₦1,600 to a dollar, and in the next few hours, it could be ₦1,700 or ₦1,500. It’s the common people who suffer the most,” Olarenwaju lamented.
He commended the organizers for opening up conversations around trade, currency, and maritime development, urging media professionals to help educate the public on alternatives that could reduce the nation’s dependence on the U.S. dollar.
Earlier in his welcome address, MARAN President, Mr. Godfrey Bivbere, reaffirmed the association’s commitment to promoting dialogue on key economic issues.
While acknowledging the swap deal’s promise in reducing transaction costs and enhancing trade efficiency, Bivbere stressed the need for a balanced discourse.
“We are not only here to applaud progress but also to interrogate policy.
” We must understand both the positive impact and the underlying risks associated with China’s expanding economic footprint in Nigeria,” he said.
Bivbere urged stakeholders across the maritime, trade, and financial sectors to approach the Nigeria-China currency swap with critical insight, noting that sustainable benefits would only come through policies that protect national economic interests while encouraging growth and competitiveness.
Continue Reading

Trending