Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja has given the Economic and Financial Crimes Commission (EFCC) three months to conclude its prosecution in the alleged N1.4 billion oil subsidy fraud case against Nadabo Energy boss, Abubakar Ali Peters.
The judge issued the directive on Tuesday, March 31, 2026, following the re-arraignment of Peters and his company, Nadabo Energy Limited, after the case started de novo due to its reassignment from Justice Christopher Balogun, who recently retired.
Justice Ijelu warned that the court would not tolerate further delays, noting that the matter had suffered significant setbacks since 2013 under the previous court.
The EFCC is prosecuting Peters and his firm on a 27-count charge bordering on the alleged use of forged documents to fraudulently obtain N1,464,961,978.24 from the Federal Government as oil subsidy payments.
One of the charges alleges that the defendants, on April 3, 2012, fraudulently 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.
Another count accuses the defendants of forging a Certificate of Marine Insurance purportedly issued by Staco Insurance Plc in October 2011 to facilitate the alleged fraud under the Petroleum Support Fund scheme.
Also Read: N1.4bn Subsidy Trial: EFCC Chairman, Bawa Testifies Against Nadabo
Peters pleaded not guilty to all charges.
Following his plea, prosecution counsel, Seidu Atteh, requested a trial date and urged the court to remand the defendant in a correctional facility.
However, defence counsel, Emmanuel Isiramen, opposed the application, arguing that the defendant had been granted bail since December 19, 2012, had fulfilled all bail conditions, and had never jumped bail.
Ruling on the application, Justice Ijelu allowed the defendant to continue on the existing bail earlier granted.
The court, however, ordered the sureties to appear on the next adjourned date to reaffirm their commitment, while the defence counsel was directed to sign an undertaking to produce the defendant in court.
The case was adjourned till May 19, 20 and 21, 2026, for the commencement of trial.
