The Economic and Financial Crimes Commission (EFCC) has arraigned three men, Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef, alongside two firms, Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, for an alleged N652.18 million theft.

The anti-graft agency alleged that N652,182,601.44 belonging to Petrocam Trading Nigeria was involved in money laundering and theft. 

According to the EFCC, the offences violate Section 280(1)(b) and punishable under Section 287 of the Criminal Law of Lagos State, 2015.

The defendants face an eight-count charge of conspiracy to steal, stealing, and money laundering before the Ikeja Special Offences Court.

One of the charges alleged Mr Okolo and Upper-Level Energy Resources “dishonestly stole and converted” the sum of  N343,765,101.44 of property belonging to Petrocam Trading Nigeria Limited for their personal use between 2022 and 2025 in Lagos. 

Another count alleged that they also “dishonestly stole and converted” the sum of ₦200,932,500.00 of property belonging to Petrocam Trading Nigeria Limited for their own use between 2022 and 2025 in Lagos.

The defendants pleaded not guilty to the charges. 

C.T Ahmadu, Counsel to Mr Okolo, Upper-Level Energy Resources and Mr Solomon, urged the court to grant bail for his clients on liberal terms, arguing that they must uphold their constitutional rights.

The Counsel to Lateef and Crescent Integrated and General Merchandise Limited, Kola Gbadamosi, also filed for bail on behalf of his clients. 

The EFCC counsel, I.G. Akhanolu, opposed the bail applications for Mr Okolo and Mr Solomon, arguing that they failed to honour the commission’s invitations, adding that the court should impose conditions to guarantee the availability of the defendants.

Mr Akhanolu did not oppose Mr Lateef’s and Crescent Integrated and General Merchandise Limited’s bail applications, but informed the court that the prosecution counsel would call six witnesses to determine the case.

Justice Abike-Fadipe granted Mr Okolo bail of N200 million with two sureties resident within the court’s jurisdiction, while Mr Solomon was granted bail of N50 million with two sureties who must own landed property within the jurisdiction.

Meanwhile, Mr Lateef was allowed to continue enjoying the administrative bail granted by the EFCC pending the determination of his formal bail application.

The case has been adjourned until December 8 and 9 for the commencement of trial.