Alleged N1.4bn Subsidy Fraud: court admits fresh evidence against Nadabo Energy boss

By Adebola Isimijola, Lagos

Justice Ismail Ijelu of the Lagos State High Court, Ikeja, on Tuesday admitted additional documentary evidence tendered by the Economic and Financial Crimes Commission (EFCC) in the ongoing trial of the Managing Director of Nadabo Energy Limited, Abubakar Ali Peters, and his company over an alleged N1.4 billion petroleum subsidy fraud.

Peters and Nadabo Energy Limited are facing a 27-count charge bordering on alleged forgery and obtaining N1.464 billion from the Federal Government through false petroleum subsidy claims. They have pleaded not guilty to the charges.

The case was reassigned to Justice Ijelu following the retirement of the former trial judge, Justice C.A. Balogun.

At the resumed hearing, the third prosecution witness, EFCC investigator Adaobi Amanda Obiakor, told the court that the investigation commenced after the Commission received petitions from the Minister of Petroleum Resources and some civil society organisations alleging widespread fraud in the petroleum subsidy scheme.

She said the EFCC subsequently obtained documents from the Petroleum Products Pricing Regulatory Agency (PPPRA), Enterprise Bank, Sky Bank Plc (now Polaris Bank), Petrocam Trading (PTY) Limited and the Corporate Affairs Commission (CAC) as part of its investigation into Nadabo Energy Limited’s subsidy claims.

Obiakor testified that Enterprise Bank, in its response to the EFCC, stated that one of the documents attached to the Commission’s inquiry did not originate from the bank and supplied what it described as the authentic version.

The prosecution, led by S.K. Atteh, tendered the petitions, correspondence, banking records, shipping documents, company records, an email exchanged during the investigation, a summary of transactions and the defendants’ extra-judicial statements. Most of the documents were admitted without objection from the defence.

Justice Ijelu also overruled the defence’s objection to the admissibility of the email, rejecting the argument that it failed to comply with the provisions of the Evidence Act on electronically generated evidence.

During cross-examination, Obiakor acknowledged that although she was a member of the investigative team, her name did not appear on the investigation report or any of the documentary exhibits before the court.

She also admitted that there was no indication on the extra-judicial statement of the second defendant showing it was recorded in her presence, but maintained that the statement was made voluntarily. She further confirmed that no legal practitioner was present when it was taken.

The witness also told the court that she neither prepared nor signed some of the documentary exhibits tendered during the proceedings, although she participated in the investigative visit to the Lagos depot.

Justice Ijelu adjourned the matter until October 12 and 13, 2026, for the continuation of trial.