Businessman Remanded over Alleged N750m Fraud

Blessing Ibunge in Port Harcourt

The Executive Director of Pennhydro-Pell Oil and Gas Limited, UgochukwuNwaemere, has been arraigned before a Federal High Court in Port Harcourt over an alleged N750 million fraud.

Nwaemere was dragged to court by the Port Harcourt’s Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).

The oil magnate is facing 10-count  charge before Justice E.A Obile for alleged conspiracy, forgery and obtaining money under false pretence to the tune of N750 million.

When the matter was read before the defendant yesterday in the court, he pleaded “not guilty” to the charge. Following the plea, the prosecution counsel, C.Okorie, asked the court for a trial date.

In his reaction, counsel to the defendant, U. C. Ngeleoka informed the court of his application for the bail of the defendant, praying that the defendant be granted bail for him to stand his trial.

After hearing the submissions by the parties, the trial judge, Justice Obile remanded the defendant at the Port Harcourt Correctional Centre and adjourned the matter till June 21, 2025 for ruling on the bail application.

Nwaemere was arrested based on the allegations made by a petitioner on some alleged illicit financial dealings bordering on conspiracy and obtaining money from his victim under false pretence running into millions.

The petitioner alleged that the defendant and other still at large, sometimes in April 2023, approached Polaris Bank Limited, Garrison Junction Branch, Aba Road, Port Harcourt, Rivers State for a loan for the execution of dredging and stock-piling of 100,000 tonnes of sharp sand on the ongoing Bodo-Bonny Road Project. 

It was learnt that to obtain the loan, the defendant allegedly forged a document titled “Pennydro-Pell Oil & Gas Invoice with No: 142 dated 29th of November, 2022”,  purporting same to have been cleared by Julius Berger Nigeria Plc for payment of contract sum for a milestone completed by his company with intent that it may be acted upon as genuine.

EFCC’s investigation revealed that the defendant allegedly convinced the bank and obtained a total sum of N750 million but was later discovered that the loan proposal was false and all efforts by the victim to recover the said sum proved abortive.