The Economic and Financial Crimes Commission (EFCC) has arraigned three individuals and two companies before the Special Offences Court in Ikeja, Lagos, over the alleged theft and laundering of ₦652.18 million belonging to Petrocam Trading Nigeria Limited.
The defendants—Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, Issa Aloba Lateef, as well as Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited—were brought before Justice Olubunmi Abike-Fadipe on an eight-count charge bordering on conspiracy, theft, and money laundering.
According to the EFCC, Okolo and Upper-Level Energy Resources allegedly diverted more than ₦343.7 million belonging to Petrocam Trading Nigeria Limited between 2022 and 2025. They are also accused of unlawfully converting an additional ₦200.9 million from the company during the same period.
All the defendants pleaded not guilty to the charges.
Following the arraignment, defence lawyers urged the court to grant bail, arguing that the offences were bailable and that the accused remained innocent until proven guilty. However, the prosecution opposed bail for some of the defendants, citing their alleged failure to honour previous EFCC invitations and the large amount involved in the case.
Justice Abike-Fadipe granted Okolo bail in the sum of ₦200 million with two sureties resident within the court's jurisdiction. Solomon was granted ₦50 million bail with two sureties who must own landed property within the jurisdiction, while Lateef was allowed to continue on the administrative bail earlier granted by the EFCC pending the hearing of his formal bail application.
The court adjourned the case until December 8 and 9, 2026, for the commencement of trial.
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