EFCC Arraigns Trio, Firms Over Alleged N652m Theft in Lagos

​LAGOS — The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 2, has formally arraigned three individuals and two corporate entities before Justice Olubunmi O. Abike-Fadipe of the Special Offences Court in Ikeja, Lagos.

​The defendants—Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, and Issa Aloba Lateef, alongside corporate bodies Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited—face an eight-count charge. The allegations encompass criminal conspiracy, theft, and money laundering amounting to \text{N}652,182,601.44, property of Petrocam Trading Nigeria Limited.

​Delayed Arraignment Resolved

​The legal proceedings mark a continuation of a stalled schedule. The defendants were originally slated to take their pleas on July 8, 2026. However, the session was adjourned due to the absence of the fourth defendant, Issa Aloba Lateef—proprietor of Crescent Integrated and General Merchandise Limited—and his defense counsel. With all parties present on Wednesday, the court proceeded with the arraignment.

​Reading the particulars of the charge, the prosecution highlighted that the offenses were allegedly perpetrated between 2022 and 2025 in Lagos. Specific counts accuse the primary defendants of systematically converting multi-million naira sums belonging to Petrocam Trading Nigeria Limited, including standalone diversions valued at over \text{N}343.76\text{ million} and \text{N}200.93\text{ million}.

​Upon the charges being read, all defendants pleaded not guilty.

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​Contentious Bail Applications

​Following the plea entries, legal teams sparred over the conditions for temporary freedom pending trial. C.T. Ahmadu, counsel for the first, second, and third defendants, moved a motion dated July 8, 2026, urging the court to admit his clients to liberal terms. He emphasized the constitutional presumption of innocence and assured the bench that the defendants would actively defend the suit and present witnesses.

​Kola Gbadamosi, representing the fourth and fifth defendants, made an oral application for bail, citing binding case law including Alabi v. Federal Republic of Nigeria (2017) and V. Abang v. FRN (2024), while noting his client would rely on a single witness.

​Conversely, prosecution counsel I.G. Akhanolu vehemently opposed bail for the first and third defendants. He argued that both individuals had previously snubbed formal invitations extended by the anti-graft agency, establishing a credible flight risk. Given the staggering financial magnitude of the case, Akhanolu urged the court to impose stringent safeguards to secure their availability. The prosecution, however, did not contest the oral application advanced for the fourth defendant, confirming its intention to parade six witnesses to substantiate the charges.

​Judicial Rulings and Trial Date

​Weighing the arguments, Justice Abike-Fadipe exercised judicial discretion with tailored bail conditions:

• ​Jacob Acheneje Okolo (First Defendant): Admitted to bail in the sum of \text{N}200,000,000.00 with two sureties resident within the court’s jurisdiction.
• ​Yakubu Wisdom Onu Solomon (Third Defendant): Granted bail in the sum of \text{N}50,000,000.00 with two sureties who must possess verifiable landed property within the court’s jurisdiction.
• ​Issa Aloba Lateef (Fourth Defendant): Permitted to remain on the administrative bail previously granted by the EFCC, subject to a formal written application filed by his counsel within seven days.

​The court adjourned the substantive trial to December 8 and 9, 2026, for the commencement of full proceedings.