Justice Ismail Ijelu of the Lagos State High Court, Ikeja, has directed the Economic and Financial Crimes Commission (EFCC) to conclude within three months the prosecution of Nadabo Energy Limited and its Managing Director, Abubakar Ali Peters, in the protracted N1.4 billion oil subsidy fraud case.
The directive, issued on Tuesday, followed the re‑arraignment of the defendants after the matter commenced afresh de novo, consequent upon its reassignment from Justice Christopher Balogun, who recently retired.
Expressing concern over the age of the case, which has lingered since 2013, Justice Ijelu emphasised that the court would no longer tolerate delays, underscoring the need for expeditious hearing.
The EFCC is prosecuting Peters and Nadabo Energy on a 27‑count charge bordering on forgery and obtaining by false pretences. The charges involve N1,464,961,978.24 allegedly fraudulently obtained as oil subsidy from the Federal Government.
According to the prosecution, the defendants on April 3, 2012, claimed N978,401,732.09 as subsidy for the importation of 19,488,992 litres of Premium Motor Spirit (PMS), whereas only 6,505,140.04 litres were actually imported. They are also accused of forging a Certificate of Marine Insurance purportedly issued by Staco Insurance Plc to facilitate the claims under the Petroleum Support Fund scheme.
Peters pleaded not guilty to all counts. While EFCC counsel, Seidu Atteh, sought a remand order, defence counsel, Emmanuel Isiramen, opposed, noting that Peters had been on bail since December 19, 2012, complied with all conditions, and never absconded. The court allowed him to remain on bail, directing sureties to appear and the defence to undertake to produce him for trial.
The case forms part of a series of high‑profile prosecutions arising from Nigeria’s controversial oil subsidy regime, long plagued by allegations of fraud and regulatory lapses. The matter was adjourned to May 19, 20 and 21, 2026, for trial.
