EFCC Arraigns Oil Magnate For Allegedly Defrauding Polaris Bank, What We Know So Far

• The fight against financial crimes in Nigeria continues to reveal different tactics used by criminals to perpetrate their activities
• The EFCC has arraigned the Executive Director of an oil and gas firm on 10-count charges, including swindling a Nigerian bank of N750 million
• The facts of the case reveal how the oil magnate and his conspirators convinced the bank to part with such a huge sum

The Economic and Financial Crimes Commission (EFCC) has arraigned the Executive Director of a Port Harcourt-based oil and gas company before Justice E. A. Obile of the Federal High Court for a multi-million naira fraud.

The EFCC’s Port Harcourt Zonal Directorate arraigned Mr. Ugochukwu Joseph Nwaemere, Executive Director of Pennhydro-Pell Oil and Gas Limited, on 10 charges before the court on Tuesday, June 17, 2025.

The charges include alleged conspiracy, forgery, and the alleged fraudulent acquisition of N750 million from Polaris Bank.

EFCC shared an update on its official X account (formerly Twitter).

One of the charges read:

“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, 000.00k) 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..."

The charges added that the defendant committed an offence under Section 1(1)(b) of the Advance Fee Fraud and Other Related Offences Act, 2006.

The defendant pleaded not guilty to all charges. Prosecuting counsel C. Okorie requested that the court set a trial date.

Defense counsel U.C. Ngeleoka applied for bail, while Justice Obile remanded the defendant at Port Harcourt Correctional Center until June 21, 2025, when the court will rule on the bail application.

Details of the case

According to the facts presented by the petitioner, Mr. Nwaemere and his conspirator approached Polaris Bank in April 2023, requesting a loan to execute a contract.

He was said to have forged a document titled "Pennydro-Pell Oil & Gas Invoice with No: 142 dated 29th of November, 2022", claiming it to have been cleared by Julius Berger Nigeria Plc for payment of contract sum for a milestone completed by his company.

Nwaemere and his co-conspirator successfully secured a total of N750 million loan from the bank for the execution of the dredging and stockpiling of 100,00O tonnes of sharp sand on the Bodo-Bonny Road Project.

The bank later discovered the loan proposal and documents were fraudulent and made unsuccessful attempts to recover the funds from Mr. Nwaemere.

In a related case, two SunTrust Bank executives, Halima Buba (Managing Director/CEO) and Innocent Mbagwu (Executive Director/Chief Compliance Officer), are undergoing trial for allegedly laundering $12 million (Twelve Million Dollars).

EFCC secures justice in ₦360 million fraud case

Legit.ng earlier reported that the EFCC secured justice in a N360 million fraud case, proving that there are consequences to financial crimes in Nigeria.

A court sitting in Lagos State convicted the accused of fraud and sentenced him to a cumulative of 74 years in prison.

The judge also ordered the convict to restitute the defrauded sum to the victim, putting it as a condition to consider fines in any of the sentences.

Source: Legit.ng