Justice Ismail Ijelu of the Lagos State High Court, Ikeja, has directed the Economic and Financial Crimes Commission (EFCC) to conclude its prosecution within three months in the long-running N1.4 billion oil subsidy fraud case against Nadabo Energy Limited and its Managing Director, Abubakar Ali Peters.
The directive was issued on Tuesday, following the re-arraignment of the Defendants after the case commenced afresh (de novo), consequent upon its reassignment from Justice Christopher Balogun, who recently retired.
Expressing concern over the age of the case, which dates back to 2013, Justice Ijelu warned that the court would no longer tolerate delays, stressing the need for an expeditious hearing.
The EFCC is prosecuting Peters and his firm on a 27-count charge bordering on alleged forgery and obtaining by false pretences, involving N1,464,961,978.24, said to have been fraudulently obtained as oil subsidy from the Federal Government.
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According to the prosecution, the Defendants, on April 3, 2012, allegedly obtained N978,401,732.09 by falsely claiming it as subsidy for the importation of 19,488,992 litres of Premium Motor Spirit (PMS), whereas only 6,505,140.04 litres were actually imported, and also forged a Certificate of Marine Insurance purportedly issued by Staco Insurance Plc, to facilitate the claims under the Petroleum Support Fund scheme.
Peters pleaded not guilty, to all the charges. While prosecution Counsel, Seidu Atteh, sought a trial date and urged the court to remand the Defendant, defence counsel, Emmanuel Isiramen, opposed the request, noting that his client had been on bail since December 19, 2012, complied with all conditions, and never absconded. The court consequently, allowed the Defendant to continue on the existing bail, ordering the sureties to appear and the defence to undertake to produce him for trial.
The case forms part of a wave of high-profile prosecutions arising from Nigeria's controversial oil subsidy regime, which has been plagued by allegations of widespread fraud and regulatory lapses. The matter was adjourned to May 19, 20 and 21, 2026, for trial.
