EFCC has arraigned Ugochukwu Joseph Nwaemere over alleged N750 million bank fraud.
NewsOnline Nigeria reports that the Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Ugochukwu Joseph Nwaemere, the Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court sitting in Port Harcourt, Rivers State, over alleged conspiracy, forgery, and obtaining money under false pretence to the tune of N750 million involving a financial institution.
He was arraigned on a 10-count charge, according to a statement by the EFCC.
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One of the charges reads:
“That you, Ugochukwu Joseph Nwaemere, being the Managing Director/Chief Executive Officer of Pennhydro-Pell Oil & Gas Limited, and Osaogba Christian Izuchukwu (now at large), being the Executive Director of Pennhydro-Pell Oil & Gas Limited, on or about the 17th of April, 2023 at Port Harcourt, Rivers State, within the jurisdiction of this Honourable Court, with intent to defraud, obtained a total sum of Seven Hundred and Fifty Million Naira (N750,000,000.00) from Polaris Bank Limited, Garrison Junction Branch, Aba Road, Port Harcourt, Rivers State via said Bank with Account Number: 4091160890 under the false pretence that you were awarded a contract for the execution of dredging and stockpiling of 100,000 tonnes of sharp sand on the ongoing Bodo-Bonny Road Project, a pretext you knew to be false and thereby committed an offence contrary to Section 1(1)(b) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.”
According to the EFCC statement, Nwaemere was arrested based on allegations made by a petitioner concerning some alleged illicit financial dealings bordering on conspiracy and obtaining money from his victim under false pretences running into millions.
- Specifically, the petitioner alleged that the defendant, Executive Director of Pennhydro-Pell Oil & Gas Limited, and his alleged conspirator (now at large), sometime in April 2023, approached Polaris Bank Limited, Garrison Junction Branch, Aba Road, Port Harcourt, Rivers State for a loan for the execution of dredging and stockpiling of 100,000 tonnes of sharp sand on the ongoing Bodo-Bonny Road Project.
- To obtain the loan, the EFCC alleges that he forged a document titled “Pennhydro-Pell Oil & Gas Invoice No: 142 dated 29th of November, 2022,” purporting it to have been cleared by Julius Berger Nigeria Plc for payment of contract sum for a milestone completed by his company.
- This, EFCC stated, was done with the intent that the document may be acted upon as genuine.
- Investigation further revealed that the defendant allegedly convinced the bank and obtained a total sum of N750,000,000, but it was later discovered that the loan proposal was false, and all efforts by the victim to recover the said sum proved abortive.
What Transpired in Court
At the defendant’s arraignment in Court, he pleaded “not guilty” to all the charges when they were read to him by the registrar.
- The prosecution counsel, C. Okorie, then asked the court for a trial date.
- Counsel to the defendant, U.C. Ngeleoka, informed the court of his application for bail.
- He urged the court to grant the defendant bail to enable him to stand his trial.
Justice Obile remanded the defendant at the Port Harcourt Correctional Center till June 21, 2025, pending his ruling on the bail application.
