The Economic and Financial Crimes Commission (EFCC), has revealed the part Abubakar Ali Peters, the CEO of Nadabo Energy Limited, played in an alleged N1.4 billion fraud.
According to a series of tweets by the commission on Thursday, Peters is facing a 27-count charge bordering on fraud.
“Abdulrasheed Bawa, who is the fifth prosecution witness, PW5, in the ongoing trial of Abubakar Ali Peters and his company, Nadabo Energy Limited, for an alleged N1.4 billion fraud, on Wednesday, May 18, 2022, further told Justice C.A. Balogun of the Lagos State High Court sitting in Ikeja, Lagos, that Peters made only one confirmed genuine transaction in the six transactions involved in the oil business with St. Vanessa,” the statement read in part.
When the trial resumed on Wednesday, the defence counsel, E.O. Isiramen, continued with the cross-examination of Bawa, which he began on December 20.
“Under cross-examination, Bawa acknowledged that there were six transactions. Peters had only one confirmed, genuine transaction with St Vanessa. That was the one for about 5,000 MT,” said EFCC.
On December 10, 2012, EFCC arraigned Peters and Nadabo Energy Ltd. before Justice C. A. Balogun of the Lagos High Court, Igbosere, for fraudulently obtaining money from the federal government through Petroleum Support Fund. The offence is contrary to section 1 (2) and (3) of the Advanced Fee Fraud and Other Fraud Related Offences Act, 2006.
Peters and Nadabo tried to obtain the sum of N1,464,961,978 from the Federal Government of Nigeria by falsely claiming that the sum represented subsidy accruing to Nadabo under the support fund for petrol imports into Nigeria through MT American Express Ex MT St. Venessa.
Peters pleaded not guilty to the two-count fraud charge. He has been appearing in court for the same fraud case since 2012, and has appeared six times this year.
A Lagos State High Court sitting in Ikeja admitted more pieces of evidence against Peters and Nadabo on December 8.
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