A Lagos State High Court sitting in Ikeja has given the Economic and Financial Crimes Commission (EFCC) a three-month deadline to conclude its case in the high-profile N1.4 billion oil subsidy fraud trial involving Nadabo Energy boss, Abubakar Ali Peters.
Presiding judge, Ismail Ijelu, issued the directive on March 31, 2026, following the re-arraignment of Peters and his company, Nadabo Energy Limited. The case was restarted after being reassigned from Christopher Balogun, who recently retired.
Justice Ijelu expressed concern over the prolonged nature of the case, which dates back to 2013, and warned that further delays would not be tolerated.
The EFCC is prosecuting Peters and his firm on a 27-count charge, alleging the use of forged documents to fraudulently obtain over N1.46 billion from the Federal Government under the petroleum subsidy scheme.
According to the charges, the defendants allegedly claimed N978.4 million as subsidy for importing 19.4 million litres of Premium Motor Spirit (PMS), whereas only about 6.5 million litres were reportedly delivered. The prosecution also accused the company of forging a marine insurance certificate purportedly issued by Staco Insurance Plc to support the claims.
Peters pleaded not guilty to all charges.
During proceedings, EFCC counsel, Seidu Atteh, urged the court to fix a trial date and remand the defendant. However, defence counsel, Emmanuel Isiramen, opposed the request, noting that Peters had been on bail since 2012, complied with all conditions, and never absconded.
In his ruling, Justice Ijelu allowed the defendant to remain on the existing bail terms but ordered his sureties to appear in court at the next hearing to reaffirm their commitment. The defence was also directed to guarantee the defendant’s continued attendance.
The case has been adjourned to May 19, 20, and 21, 2026, for the commencement of trial, as the court moves to fast-track proceedings in one of Nigeria’s long-running subsidy fraud cases
