Nadabo Energy MD’s Appeals In Alleged N1.4bn Oil Subsidy Fraud Dismissed By Supreme Court
The Supreme Court has dismissed appeals filed by Mr. Abubakar Ali Peters, Managing Director of Nadabo Energy Limited, in connection with an alleged ₦1.4 billion oil subsidy fraud.
Peters had approached the apex court seeking to overturn a decision of the Court of Appeal which revoked his bail and imposed stricter conditions. He also sought permission to travel abroad for medical treatment. However, the Supreme Court refused the requests, directing him to return to the trial court to continue his criminal proceedings.
The ongoing case, being heard before Justice C.A. Balogun of the Lagos High Court, involves Peters and his company, Nadabo Energy Limited.
They 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 oil subsidy scheme.
The defendants allegedly inflated the quantity of Premium Motor Spirit (PMS) imported and supplied by the company, thereby claiming 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 before the Lagos High Court as directed by the Supreme Court.
