EFCC probes alleged N652.18m theft from Petrocam, arraigns three in Lagos

Michael Olumide Alabi

Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) has arraigned three men and two companies before the Special Offences Court sitting in Ikeja, Lagos, over an alleged theft and money laundering involving N652.18 million.

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 before Justice Olubunmi O. Abike-Fadipe on Wednesday, August 5, 2026.

According to the Head, Media and Publicity, EFCC, Mr. Dele Oyewale, they were brought before the court on an eight-count charge bordering on conspiracy to steal, stealing and money laundering involving the sum of N652,182,601.44.

The EFCC alleged that the defendants committed the offences between 2022 and 2025 in Lagos, with Petrocam Trading Nigeria Limited identified as the alleged victim of the theft.

The arraignment had initially been scheduled for July 8, 2026. However, the proceedings could not go ahead on that date because the fourth defendant, Lateef, who is the proprietor of Crescent Integrated and General Merchandise Limited, and his counsel were absent from court.

Justice Abike-Fadipe consequently adjourned the matter until August 5, 2026, when all the defendants were eventually brought before the court.
One of the counts against Okolo and Upper-Level Energy Resources alleged that they dishonestly stole and converted to their personal use the sum of N343,765,101.44, said to be the property of Petrocam Trading Nigeria Limited.

The alleged offence, according to the charge, contravened Sections 280(1)(b) and was punishable under Section 287 of the Criminal Law of Lagos State, 2015.
Another count alleged that Okolo and Upper-Level Energy Resources dishonestly stole and converted to their own use N200,932,500.00, also said to be the property of Petrocam Trading Nigeria Limited.

The remaining counts relate to the alleged involvement of the other defendants and the companies in the transactions under investigation.
When the charges were read to them, all the defendants pleaded not guilty.

Following their pleas, counsel to the first defendant, Okolo; second defendant, Upper-Level Energy Resources; and third defendant, Solomon, C.T. Ahmadu, informed the court that he had filed a motion dated July 8, 2026, seeking bail for his clients on liberal terms.

Ahmadu urged the court to grant the application, stressing that the defendants were presumed innocent until proven guilty.

He also argued that the alleged offences were bailable and urged the court to uphold the constitutional rights of his clients.

The defence counsel further assured the court that the defendants would present witnesses in their defence during the trial.

Similarly, counsel to the fourth defendant, Lateef, and fifth defendant, Crescent Integrated and General Merchandise Limited, Kola Gbadamosi, made an oral application for the bail of his clients.

Gbadamosi relied on relevant judicial authorities, including Alabi v. Federal Republic of Nigeria (2017) and V. Abang v. FRN (2024), in urging the court to grant the application.

He also informed the court that Lateef would call one witness in his defence during the trial.

However, prosecution counsel, I.G. Akhanolu, opposed the bail applications for the first and third defendants.
Akhanolu told the court that the two defendants had allegedly failed to honour invitations extended to them by the Commission during its investigation and could therefore constitute a flight risk if granted bail without stringent conditions.

The prosecution counsel also drew the court’s attention to the substantial amount of money involved in the alleged offences.

He urged the court to impose conditions that would guarantee the availability of the defendants throughout the trial.

The prosecution, however, did not oppose the oral bail application made on behalf of the fourth defendant.

Akhanolu further disclosed that the prosecution would call six witnesses to establish its case against the defendants.

After listening to arguments from both the defence and prosecution, Justice Abike-Fadipe granted bail to the first defendant, Okolo, in the sum of N200 million, with two sureties resident within the jurisdiction of the court.

The court also granted the third defendant, Solomon, bail in the sum of N50 million, with two sureties who must own landed property within the court’s jurisdiction.

For the fourth defendant, Lateef, the judge ordered that he should continue to enjoy the administrative bail earlier granted to him 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.

The court subsequently adjourned the matter until December 8 and 9, 2026, for the commencement of trial.

The case underscores the EFCC’s continuing prosecution of alleged financial crimes involving substantial sums of money, while the defendants remain presumed innocent until the prosecution proves the allegations against them beyond reasonable doubt.

The charges are allegations, and the defendants have pleaded not guilty.