EFCC ARRAIGNS THREE, TWO FIRMS OVER ALLEGED N652.2M THEFT IN LAGOS

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By ‘Sefiu Ajape

The Economic and Financial Crimes Commission has arraigned three individuals and two companies before a Lagos Special Offences Court over the alleged theft and laundering of N652.18 million.

The defendants — Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef — alongside Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, were arraigned on Wednesday before Justice Olubunmi O. Abike-Fadipe at the Special Offences Court sitting in Ikeja, Lagos.

The defendants are facing an eight-count charge bordering on conspiracy to steal, stealing and money laundering involving N652,182,601.44 allegedly belonging to Petrocam Trading Nigeria Limited.

One of the counts reads: “Jacob Acheneje Okolo and Upper-Level Energy Resources, sometime between 2022 and 2025, in Lagos, dishonestly stole and converted to your own use the sum of ₦343,765,101.44, property of Petrocam Trading Nigeria Limited, contrary to Sections 280(1)(b) and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”

Another count reads: “That you, Jacob Acheneje Okolo and Upper-Level Energy Resources, sometime between 2022 and 2025, in Lagos, dishonestly stole and converted to your own use the sum of ₦200,932,500.00, property of Petrocam Trading Nigeria Limited, contrary to Sections 280(1)(b) and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”

The defendants pleaded not guilty to the charges.

The arraignment had earlier been scheduled for July 8, 2026, but was postponed due to the absence of the fourth defendant, Lateef, and his counsel.

Following the defendants’ pleas, counsel to Okolo, Upper-Level Energy Resources, and Solomon, C.T. Ahmadu, urged the court to admit his clients to bail on liberal terms, arguing that they were presumed innocent until proven guilty and that the alleged offences were bailable.

Counsel to Lateef and Crescent Integrated and General Merchandise Limited, Kola Gbadamosi, also made an oral application for bail, citing relevant judicial authorities and informing the court that the fourth defendant would call one witness in his defence.

Opposing the bail applications for the first and third defendants, prosecution counsel I.G. Akhanolu argued that they had previously failed to honour the commission’s invitations and could jump bail. He also urged the court to impose strict conditions considering the amount involved in the case.

Akhanolu, however, did not oppose the bail application for the fourth defendant and informed the court that the prosecution would call six witnesses during the trial.

After hearing the parties, Justice Abike-Fadipe granted the first defendant bail in the sum of N200 million with two sureties resident within the court’s jurisdiction.

The third defendant was granted bail in the sum of N50 million with two sureties who must own landed property within the court’s jurisdiction.

The court also ordered that the fourth defendant should continue to enjoy the administrative bail earlier granted by the EFCC pending the determination of a formal written bail application, directing his counsel to file the application within seven days.

Justice Abike-Fadipe adjourned the matter until December 8 and 9, 2026, for the commencement of trial.