Oil Magnate Arraigned Over N750m Bank Fraud

Port Harcourt, Rivers State-The Economic and Financial Crimes Commission (EFCC) has arraigned Ugochukwu Joseph Nwaemere, Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court in Port Harcourt. Nwaemere faces a 10-count charge, including conspiracy, forgery, and obtaining money under false pretenses, totaling N750 million.

The EFCC alleges that Nwaemere, along with an accomplice (Osaogba Christian Izuchukwu, now at large), approached Polaris Bank Limited in April 2023. They allegedly sought a loan for a dredging and sand stock-piling contract on the Bodo-Bonny Road Project. To secure the loan, Nwaemere is accused of forging a document, “Pennydro-Pell Oil & Gas Invoice with No: 142 dated 29th of November, 2022,” falsely claiming it had been cleared by Julius Berger Nigeria Plc for payment.
The prosecution contends that Nwaemere convinced the bank and obtained the N750 million, but the loan proposal was later discovered to be fraudulent. Efforts by the bank to recover the funds have been unsuccessful.

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Nwaemere pleaded “not guilty” to all charges. The prosecution counsel, C. Okorie, requested a trial date. Nwaemere’s counsel, U.C. Ngeleoka, applied for bail.

Justice Obile has remanded Nwaemere at the Port Harcourt Correctional Centre until June 21, 2025, when a ruling on his bail application is expected.