The Economic and Financial Crimes Commission (EFCC) has arraigned two Lagos-based companies and three businessmen before the Special Offences Court in Ikeja over the alleged theft and laundering of ₦652.18 million belonging to Petrocam Trading Nigeria Limited.
The defendants, Jacob Okolo, Yakubu Solomon, Issa Lateef, Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, appeared before Justice Olubunmi O. Abike-Fadipe on an eight-count charge bordering on conspiracy to steal, stealing and money laundering.
The arraignment followed an earlier adjournment after the scheduled July 8, 2026 proceedings could not go ahead because Lateef, the fourth defendant and proprietor of Crescent Integrated and General Merchandise Limited, as well as his counsel, were absent from court.
Justice Abike-Fadipe subsequently rescheduled the case to August 5, 2026, when all the defendants were brought before the court to answer the charges.
According to the EFCC on Friday, the defendants allegedly conspired between 2022 and 2025 to steal and launder ₦652,182,601.44 belonging to Petrocam Trading Nigeria Limited.
One of the charges alleged that Okolo and Upper-Level Energy Resources dishonestly converted ₦343,765,101.44, said to be the property of Petrocam Trading Nigeria Limited, to their personal use, contrary to Sections 280(1)(b) and 287 of the Criminal Law of Lagos State, 2015.
In another count, the anti-graft agency accused the same defendants of allegedly stealing an additional ₦200,932,500 belonging to the company during the same period.
The five defendants pleaded not guilty to all eight counts when the charges were read to them.
Following their pleas, counsel to Okolo, Upper-Level Energy Resources and Solomon, C.T. Ahmadu, urged the court to admit his clients to bail on liberal terms, informing the court that he had filed a motion dated July 8, 2026.
Ahmadu argued that his clients were presumed innocent until proven guilty under the Constitution, stressing that the offences were bailable.
He assured the court that the defendants would not interfere with the proceedings and would present witnesses in their defence during the trial.
Counsel to Lateef and Crescent Integrated and General Merchandise Limited, Kola Gbadamosi, also applied orally for his clients’ bail, relying on judicial authorities, including Alabi v. Federal Republic of Nigeria (2017) and Abang v. Federal Republic of Nigeria (2024). He added that the fourth defendant intended to call one witness in his defence.
The prosecution counsel, I.G. Akhanolu, opposed the bail applications filed on behalf of the first and third defendants, contending that they had previously failed to honour invitations extended by the EFCC and could abscond if released without stringent conditions.
Akhanolu argued that the substantial amount involved in the alleged offences warranted strict bail conditions to ensure the defendants’ attendance throughout the trial. He, however, raised no objection to the oral bail application made on behalf of the fourth defendant.
The prosecution also informed the court that it intended to call six witnesses to establish its case during the trial.
In her ruling, Justice Abike-Fadipe granted Okolo bail in the sum of ₦200 million, with two sureties resident within the court’s jurisdiction.
The court also admitted Solomon to bail in the sum of ₦50 million, with two sureties who must own landed property within the court’s jurisdiction.
The judge ordered that Lateef should continue to enjoy the administrative bail earlier granted to him by the EFCC pending the determination of a formal written bail application, directing his counsel to file the application within seven days.
Justice Abike-Fadipe thereafter adjourned the case until December 8 and 9, 2026, for the commencement of trial.