The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, has arraigned Ugochukwu Joseph Nwaemere, Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court sitting in Port Harcourt, Rivers State.
Nwaemere faces a 10-count charge including conspiracy, forgery, and obtaining money under false pretence amounting to N750 million.
Details of the Allegations
According to one of the counts read in court, "Ugochukwu Joseph Nwaemere, being the Managing Director/Chief Executive Officer of Pennhydro-Pell Oil & Gas Limited, and Osaogba Christian Izuchukwu (now at large), on or about April 17, 2023, in Port Harcourt, Rivers State, obtained the sum of N750,000,000 from Polaris Bank Limited under the false pretence of executing a contract for dredging and stockpiling 100,000 tonnes of sharp sand for the ongoing Bodo-Bonny Road Project, a claim you knew to be false."
The defendant pleaded not guilty to all charges during the arraignment on Tuesday.
Court Proceedings
Following the plea, prosecuting counsel C. Okorie requested a trial date, while defense counsel U.C. Ngeleoka applied for bail on behalf of the defendant.
Justice Obile ordered Nwaemere to be remanded at the Port Harcourt Correctional Centre and adjourned the matter until June 21, 2025, for ruling on the bail application.
Investigation Findings
The case originated from a petition alleging that Nwaemere and a co-conspirator, who is currently at large, secured a loan from Polaris Bank under false pretences. Investigations revealed that the loan was allegedly obtained using forged documents, including an invoice purportedly cleared by Julius Berger Nigeria Plc, to support claims of a contract that never existed.
According to the EFCC, the N750 million loan was disbursed, but efforts to recover the funds have since failed.
This case highlights ongoing efforts by the anti-graft agency to combat financial crimes in Nigeria's oil and gas sector, which has seen several high-profile fraud cases in recent years.
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