The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, on Tuesday, June 17, 2025, arraigned Ugochukwu Joseph Nwaemere, Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court in Port Harcourt, Rivers State, over alleged N750 million bank fraud.
Nwaemere was arraigned on a 10-count charge bordering on conspiracy, forgery, and obtaining money under false pretence. He was accused of defrauding Polaris Bank Limited by falsely claiming his company had secured a contract for dredging and stockpiling 100,000 tonnes of sharp sand for the Bodo-Bonny Road Project.
According to the EFCC, Nwaemere and a co-conspirator, Osaogba Christian Izuchukwu (now at large), allegedly forged an invoice purportedly issued by Julius Berger Nigeria Plc to secure the bank loan. The forged document allegedly indicated payment clearance for a project milestone that never existed.
One of the charges reads:
“That you, Ugochukwu Joseph Nwaemere… on or about the 17th of April, 2023… with intent to defraud, obtained a total sum of N750 million from Polaris Bank… under the false pretence that you were awarded a contract… a pretext you knew to be false…”
Nwaemere pleaded not guilty to all charges. Prosecution counsel, C. Okorie, requested a trial date, while defence counsel, U.C. Ngeleoka, applied for bail.
Justice Obile ordered Nwaemere to be remanded at the Port Harcourt Correctional Centre pending the bail ruling scheduled for June 21, 2025.
The EFCC said the arraignment followed a petition detailing alleged fraudulent dealings involving forged documents and failed repayment efforts.
