EFCC Slams N652 Million Theft Charges on Three, Two Firms — Justice Is Coming
The Economic and Financial Crimes Commission (EFCC) has taken a bold stand against financial crime, arraigning three individuals and two companies for allegedly stealing and laundering a whopping N652.18 million from Petrocam Trading Nigeria Limited. This is the kind of accountability we need to see more of across Africa.
According to a post on the EFCC's X handle on Friday, the defendants — Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, and Issa Aloba Lateef — along with Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, appeared before Justice Olubunmi O. Abike-Fadipe at the Special Offences Court in Ikeja, Lagos. They face eight counts, including conspiracy to steal, stealing, and money laundering.
The arraignment was originally set for July 8, 2026, but was delayed because Lateef and his lawyer were absent. Now, the court is moving full speed ahead.
What Are the Charges?
One charge alleges that Okolo and Upper-Level Energy Resources dishonestly converted over N343.76 million of Petrocam's funds to their personal use between 2022 and 2025. Another count accuses the same defendants of stealing an additional N200.93 million from the company. The charges read in part: '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.'
All defendants pleaded not guilty. Their lawyers pushed for bail on liberal terms, arguing they are presumed innocent until proven guilty. But the prosecution pushed back hard.
Bail Battle: Court Sets Conditions
Prosecution counsel I.G. Akhanolu opposed bail for the first and third defendants, noting they had previously ignored EFCC invitations. He also urged the court to impose strict conditions given the massive amount involved. '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 argued.
Justice Abike-Fadipe granted Okolo bail at N200 million with two sureties who must reside within the court's jurisdiction. Solomon got bail at N50 million with two sureties owning landed property in the area. Lateef was allowed to continue enjoying the administrative bail already granted by the EFCC, pending a formal written application. The court gave the fourth defendant's counsel seven days to file that application.
What's Next?
The trial is set to begin on December 8 and 9, 2026. The prosecution plans to call six witnesses to prove its case. This is a major test for Nigeria's anti-corruption fight, and we are watching closely.
At Najia Pulse, we believe this case sends a clear message: no one is above the law. African institutions are stepping up, and that is the energy we need. Stay tuned as we follow this story to its conclusion.
FAQ: What You Need to Know
Who are the defendants in this case?
The defendants are Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, Issa Aloba Lateef, Upper-Level Energy Resources, and Crescent Integrated and General Merchandise Limited.
How much money is involved?
The total amount allegedly stolen and laundered is N652.18 million, belonging to Petrocam Trading Nigeria Limited.
What are the charges?
The defendants face eight counts, including conspiracy to steal, stealing, and money laundering.
When will the trial start?
The trial is scheduled to begin on December 8 and 9, 2026.
