Lagos Man, Firm Arraigned Over Alleged N336.9m Lotus Bank Fraud

​The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, on Monday, June 29, 2026, officially arraigned Abdulkarim Muhammad Arome and his firm, Cresco Oil and Gas Limited, before Justice O. A. Okunuga of the Lagos State High Court in Ikeja. The defendants face a three-count charge involving an alleged fraud amounting to N336,993,863.35 linked to Lotus Bank.

​The charges, which include conspiracy, stealing, and the retention of proceeds of criminal conduct, represent a significant legal development in the commission’s ongoing efforts to curb financial malfeasance. The prosecution alleges that the defendants, alongside one Peter Daniels Prosper—who is currently at large—conspired in 2022 to misappropriate funds belonging to the financial institution.

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​According to the court documents, the alleged offenses contravene key provisions of the Criminal Law of Lagos State, 2015, and the EFCC Establishment Act, 2004. Specifically, the prosecution contends that between 2022 and 2023, the defendants dishonestly converted the massive sum for their personal use.

​Upon the charges being read, the defendants entered a plea of not guilty. Following this, the prosecuting counsel, E. S. Okongwu, requested a trial date and moved for the remand of the defendants. Although the defense counsel indicated an intention to file formal bail applications, Justice Okunuga ordered that the defendants remain at the Ikoyi Correctional Centre. The case has been adjourned until October 7, 2026, for the commencement of trial proceedings.