The Economic and Financial Crimes Commission (EFCC) has arraigned three individuals and two companies before the Lagos State Special Offences Court in Ikeja over the alleged theft and laundering of more than ₦652 million belonging to Petrocam Trading Nigeria Limited.
The defendants — Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef — were arraigned alongside Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited on an eight-count charge bordering on conspiracy, stealing and money laundering.
The case was heard before Justice Olubunmi O. Abike-Fadipe, where all the defendants pleaded not guilty to the charges brought against them by the Lagos Zonal Directorate 2 of the EFCC.
The anti-graft agency alleged that the defendants fraudulently converted a total of ₦652.18 million belonging to Petrocam Trading Nigeria Limited between 2022 and 2025.
According to the charge, Okolo and Upper-Level Energy Resources allegedly stole and converted ₦343,765,101.44 belonging to the company for their personal use.
The EFCC also accused the same defendants of dishonestly converting an additional ₦200,932,500 during the same period.
The arraignment had initially been scheduled for July 8, 2026, but was postponed following the absence of the third defendant, Lateef, and his legal counsel.
Following the defendants’ not guilty pleas, counsel to the first, second and third defendants, C.T. Ahmadu, urged the court to grant bail on liberal terms, arguing that the offences were bailable and that the defendants remained innocent until proven guilty.
Counsel representing the fourth and fifth defendants, Kola Gbadamosi, also made an oral bail application.
However, prosecution counsel, I.G. Akhanolu, opposed the applications for the first and third defendants, arguing that they had previously failed to honour EFCC invitations and urging the court to impose strict conditions because of the amount allegedly involved.
Akhanolu also disclosed that the prosecution intended to call six witnesses during the trial.
After hearing the applications, Justice Abike-Fadipe granted Okolo bail in the sum of ₦200 million with two sureties resident within the court’s jurisdiction.
The judge also admitted Solomon to bail in the sum of ₦50 million with two sureties who must own landed property within the jurisdiction.
Lateef was allowed to continue enjoying the administrative bail earlier granted by the EFCC pending the determination of a formal written bail application.
Justice Abike-Fadipe directed counsel to the fourth defendant to file the written bail application within seven days and adjourned the matter until December 8 and 9, 2026, for the commencement of trial.
The case adds to a growing number of major financial crime prosecutions being pursued by the EFCC as it intensifies efforts to tackle fraud, money laundering and corporate financial misconduct across Nigeria.
