The Economic and Financial Crimes Commission (EFCC) has re-arraigned Nadabo Energy Limited boss, Abubakar Ali Peters, over an alleged N1.4 billion oil subsidy fraud before the Lagos State High Court sitting in Ikeja.
Peters and his company were re-arraigned on Tuesday, March 31, 2026, before Justice Ismail Ijelu on a 27-count charge bordering on fraud and the alleged use of forged documents to obtain N1,464,961,978.24 from the Federal Government.
The case was previously handled by Justice C.A. Balogun but was reassigned following his retirement.
According to the EFCC, the defendants allegedly obtained hundreds of millions of naira under the Petroleum Support Fund (PSF) by falsely claiming subsidy payments for the importation of Premium Motor Spirit (PMS). One of the charges stated that the firm claimed subsidy for over 19 million litres of fuel purportedly imported into Nigeria, whereas only about 6.5 million litres were actually delivered.
The anti-graft agency further alleged that the defendants forged key documents, including a marine insurance certificate, to support their subsidy claims.
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Peters pleaded not guilty to all charges.
Following his plea, prosecution counsel S.K. Atteh requested a trial date and urged the court to remand the defendant to a correctional facility. However, defence counsel E.O. Isiramen opposed the request, arguing that Peters had been on bail since December 19, 2012, had fulfilled all conditions, and had never defaulted.
In his ruling, Justice Ijelu allowed the defendant to continue on his existing bail. He also directed the sureties to appear in court on the next adjourned date to reaffirm their commitment, while the defence counsel was ordered to sign an undertaking to ensure the defendants are in court.
The case was adjourned to May 19, 20, and 21, 2026, for commencement of the trial.
