The Supreme Court has dismissed appeals filed by Mr. Abubakar Ali Peters, Managing Director of Nadabo Energy Limited, over an alleged ₦1.4 billion oil subsidy fraud.
Peters had approached the apex court to challenge the decision of the Court of Appeal, which revoked his bail, imposed stricter conditions, and denied him permission to travel abroad for medical treatment. However, the Supreme Court refused his appeals and directed him to return to the trial court to face his ongoing criminal proceedings.
The case, currently before Justice C.A. Balogun of the Lagos High Court, involves allegations that Peters and his company used forged documents to fraudulently obtain ₦1,464,961,978.24 from the Federal Government under the oil subsidy scheme.
According to the Economic and Financial Crimes Commission (EFCC), the defendants inflated the volume of Premium Motor Spirit (PMS) purportedly imported and supplied, thereby securing subsidy payments they were not entitled to.
Both Peters and Nadabo Energy Limited have pleaded not guilty to the charges. The trial is expected to resume before the Lagos High Court as directed by the Supreme Court.
