Justice Ismail Ijelu of the Lagos State High Court in Ikeja has issued a firm directive to the Economic and Financial Crimes Commission (EFCC), ordering it to wrap up its prosecution within three months in the long-standing N1.4 billion oil subsidy fraud case involving Nadabo Energy Limited and its Managing Director, Abubakar Ali Peters.
The ruling came on Tuesday after the defendants were re-arraigned, as the case began afresh following its transfer from Christopher Balogun, who recently retired.
Visibly concerned about the prolonged nature of the case, which dates back to 2013, Justice Ijelu made it clear that further delays would not be tolerated, emphasizing the need for a swift and decisive trial.
The EFCC has filed a 27-count charge against Peters and his company, accusing them of forgery and obtaining money under false pretences. The alleged fraud totals over N1.46 billion, reportedly claimed as oil subsidy funds from the Federal Government.
According to prosecutors, on April 3, 2012, the defendants falsely claimed nearly N978.4 million as subsidy for importing 19.48 million litres of Premium Motor Spirit (PMS), when in reality, only about 6.5 million litres were imported. They are also accused of forging a Marine Insurance Certificate purportedly issued by Staco Insurance Plc to support their claim under the Petroleum Support Fund scheme.
Peters has pleaded not guilty to all charges. While EFCC counsel, Seidu Atteh, requested a trial date and asked the court to remand the defendant, defence counsel Emmanuel Isiramen argued against it, noting that his client has been on bail since December 2012, has met all conditions, and has never fled.
The court upheld the existing bail, instructing the sureties to appear and directing the defence to ensure Peters’ attendance throughout the trial.
This case is one of several high-profile prosecutions tied to Nigeria’s controversial oil subsidy regime, long criticized for widespread fraud and regulatory failures. The trial has been adjourned to May 19, 20, and 21, 2026.