Supreme Court Dismisses Nadabo Energy Boss’ Appeals On Alleged ₦1.4Bn Oil Subsidy Fraud.
By Anne Osemekeh, Abuja
The Supreme Court of Nigeria has dismissed the appeals filed by Mr. Abubakar Ali Peters, Managing Director of Nadabo Energy Limited, over an alleged ₦1.4 billion oil subsidy fraud.
Economic and Financial Crimes Commission’s spokesperson, Dele Oyewale, made this known in a statement on Friday.
Peters and Nadabo Energy Limited are being prosecuted by the Economic and Financial Crimes Commission (EFCC) for allegedly using forged documents to fraudulently obtain ₦1,464,961,978.24 from the Federal Government under the fuel subsidy scheme.
The case is currently before Justice C.A. Balogun.
According to the EFCC, the defendants inflated the volume of Premium Motor Spirit (PMS) purportedly imported and supplied by the company, thereby securing subsidy payments they were not entitled to.
Both Peters and Nadabo Energy Limited have pleaded not guilty to the charges. The trial is expected to continue at the Lagos High Court as directed by the Supreme Court.
According to the EFCC, the defendants inflated the volume of Premium Motor Spirit (PMS) purportedly imported and supplied by the company, thereby securing subsidy payments they were not entitled to.
Both Peters and Nadabo Energy Limited have pleaded not guilty to the charges. The trial is expected to continue at the Lagos High Court as directed by the Supreme Court.
Peters had approached the apex court seeking to overturn a Court of Appeal ruling that revoked his bail and imposed stricter conditions. He also sought permission to travel abroad for medical treatment.
The Supreme Court however, rejected his appeals and directed him to return to the Lagos High Court to continue his ongoing trial.
