EFCC arraigns three individuals and two companies over alleged N652 million theft and money laundering

Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, Issa Aloba Lateef, Upper-Level Energy Resources, and Crescent Integrated and General Merchandise Limited face an eight-count charge related to conspiracy to steal, stealing, and money laundering of N652.18 million belonging to Petrocam Trading Nigeria Limited. One charge alleges that Okolo and Upper-Level Energy Resources dishonestly converted over N343.76 million of Petrocam's funds between 2022 and 2025, with another count accusing them of stealing an additional N200.93 million. All defendants pleaded not guilty.

Counsel for the first, second, and third defendants, C.T. Ahmadu, requested bail on liberal terms, citing the presumption of innocence and the bailable nature of the alleged offenses. Counsel for the fourth and fifth defendants, Kola Gbadamosi, also made an oral bail application. However, prosecution counsel I.G. Akhanolu opposed bail for the first and third defendants, stating they had previously failed to honor EFCC invitations and requested strict bail conditions due to the large sum involved.

Justice Olubunmi O. Abike-Fadipe granted Okolo bail for N200 million with two sureties and Solomon bail for N50 million with two sureties owning landed property. Lateef was allowed to continue on administrative bail from the EFCC, pending a for