The Economic and Financial Crimes Commission (EFCC) has arraigned three men and two companies before a Lagos State Special Offences Court over the alleged theft and laundering of N652.18 million belonging to Petrocam Trading Nigeria Limited.
The defendants, Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef, were arraigned alongside Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited before Justice Olubunmi O. Abike-Fadipe in Ikeja, Lagos.
The EFCC disclosed the information in a statement posted on its X handle on Friday, saying the defendants were arraigned by its Lagos Zonal Directorate 2 on Wednesday, August 5, 2026.
They were brought before the court on an eight-count charge bordering on conspiracy to steal, stealing, and money laundering involving N652,182,601.44.
The defendants had initially been scheduled for arraignment on July 8, but proceedings could not commence following the absence of Lateef, the proprietor of Crescent Integrated and General Merchandise Limited, and his counsel.
The court subsequently adjourned the matter to August 5 for the arraignment.
One of the charges alleged that Okolo and Upper-Level Energy Resources, between 2022 and 2025 in Lagos, dishonestly stole and converted N343,765,101.44 belonging to Petrocam Trading Nigeria Limited.
Another count accused the same defendants of allegedly stealing and converting another N200,932,500 belonging to the company.
The defendants pleaded “not guilty” to the charges.
Following their pleas, counsel to Okolo, Upper-Level Energy Resources and Solomon, C.T. Ahmadu, urged the court to grant his clients bail on liberal terms.
Ahmadu argued that the defendants were presumed innocent until proven guilty and that the alleged offences were bailable. He also told the court that his clients would call witnesses in their defence.
Counsel to Lateef and Crescent Integrated and General Merchandise Limited, Kola Gbadamosi, also applied orally for the bail of his clients, citing judicial authorities including Alabi v. Federal Republic of Nigeria (2017) and V. Abang v. FRN (2024).
The prosecution counsel, I.G. Akhanolu, opposed the bail applications for the first and third defendants, arguing that they had previously failed to honour invitations from the EFCC.
Akhanolu said the court should impose conditions that would guarantee their availability throughout the trial, particularly given the amount of money involved in the alleged offences.
The prosecution, however, did not oppose the bail application for the fourth defendant and told the court that it would call six witnesses to prove its case.
After hearing arguments from both sides, Justice Abike-Fadipe granted Okolo bail in the sum of N200 million with two sureties resident within the court’s jurisdiction.
Solomon was granted bail in the sum of N50 million with two sureties who must own landed property within the jurisdiction.
The judge also ordered Lateef to continue enjoying the administrative bail previously granted to him by the EFCC pending the determination of a formal written bail application.
Justice Abike-Fadipe directed Lateef’s counsel to file the written bail application within seven days.
The court adjourned the case until December 8 and 9, 2026, for the commencement of trial.
Packaged by Emmanuel Okafor
