The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission has arraigned three individuals and two companies before the Special Offences Court sitting in Ikeja, Lagos, over the alleged theft and laundering of N652.18 million belonging to Petrocam Trading Nigeria Limited.
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In a post obtained from its X handle on Friday, the defendants, Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef, alongside Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, were arraigned before Justice Olubunmi O. Abike-Fadipe on an eight-count charge bordering on conspiracy to steal, stealing and money laundering.
The defendants had earlier been scheduled for arraignment on July 8, 2026, but the proceedings were adjourned due to the absence of Lateef and his legal counsel.
One of the charges alleged that Okolo and Upper-Level Energy Resources dishonestly converted over N343.76 million belonging to Petrocam Trading Nigeria Limited to their personal use.
“Jacob Acheneje Okolo and Upper-Level Energy Resources, sometime between 2022 and 2025, in Lagos, dishonestly stole and converted to your own use the sum of ₦343,765,101.44, property of Petrocam Trading Nigeria Limited,” one of the charges read.
Another count accused the same defendants of stealing an additional N200.93 million from the company.
“That you, Jacob Acheneje Okolo and Upper-Level Energy Resources, sometime between 2022 and 2025, in Lagos, dishonestly stole and converted to your own use the sum of ₦200,932,500.00, property of Petrocam Trading Nigeria Limited,” another charge stated.
The defendants pleaded not guilty to all the charges.
Following their pleas, counsel to the first, second and third defendants, C.T. Ahmadu, urged the court to grant his clients bail on liberal terms, arguing that they were presumed innocent until proven guilty and that the alleged offences were bailable.
He also informed the court that the defendants would present witnesses in their defence during the trial.
Counsel to the fourth and fifth defendants, Kola Gbadamosi, made an oral bail application, citing judicial authorities to support his request.
However, prosecution counsel, I.G. Akhanolu, opposed the bail applications for the first and third defendants, arguing that they had previously failed to honour invitations from the EFCC.
Akhanolu also urged the court to impose strict bail conditions because of the huge amount involved in the case.
“Considering the huge amount of money involved in the matter, the court should impose conditions that would ensure the availability of the first and third defendants throughout the trial,” he submitted.
He further informed the court that the prosecution intended to call six witnesses to prove its case.
After hearing the arguments, Justice Abike-Fadipe granted Okolo bail in the sum of N200 million with two sureties resident within the court’s jurisdiction.
The court also admitted Solomon to bail in the sum of N50 million, with two sureties who must own landed property within the jurisdiction.
The judge ordered that Lateef should continue to enjoy the administrative bail earlier granted by the EFCC pending the determination of a formal written bail application.
Justice Abike-Fadipe directed the fourth defendant’s counsel to file the written bail application within seven days and adjourned the matter until December 8 and 9, 2026, for the commencement of trial.
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