The trial of Abubakar Ali Peters and his company, Nadabo Energy Limited, over a 21-count charge bordering on forgery and subsidy fraud before Justice S.S. Ogunsanya of the Lagos State High Court sitting in Ikeja, Lagos continued on Tuesday, July 5, 2022, with the EFCC presenting two more witnesses to prove its case.

Abubakar and his company are being prosecuted by the EFCC for offences bordering on obtaining money under false pretence, diversion of Federal Government funds and forgery to the tune of N761,628,993.84.

One of the counts reads: “Nadabo Energy Limited and Abubakar Ali Peters, on or about 26th day of September, 2011 in Lagos, within the Ikeja judicial division , fraudulently obtained the sum of N761,628,993.84 from the Federal Government by falsely representing that the sum represented the subsidy accrued to Nadabo Energy Limited under the Petroleum Support Fund for the importation of 16,808,064 litres of Premium Motor Spirit (PMS), which Nadabo Energy Limited purported to have purchased from Delano Petroleum Corporation Akara Tortola British Virgin Island, and transported the 16,808,064 litres through MT Gotland Carolina (mother vessel) and MT Sonia (daughter vessel) to Nigeria.

However, investigation showed that Nadabo Energy Limited only imported 7,953,962 litres of PMS from Delany Petroleum Corporation Akara Tortola British Virgin Island and transported 7,953,962 litres of PMS through MT Gotland Carolina (mother vessel) and MT Songa (daughter vessel) to Nigeria.”