EFCC Arraigns Oil Executive Over ₦750 Million Fraud Linked to Fake Road Project
The Economic and Financial Crimes Commission (EFCC) has arraigned Ugochukwu Joseph Nwaemere, the Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court, Port Harcourt, on serious charges involving conspiracy, forgery, and fraud amounting to ₦750 million.
Nwaemere appeared in court on Tuesday, June 17, 2025, facing a 10-count charge for allegedly securing a massive loan from Polaris Bank under false pretences. According to the EFCC, he claimed the funds were needed to execute a dredging contract on the Bodo-Bonny Road Project— a contract that never existed.
One of the charges detailed how Nwaemere, alongside a co-conspirator, Osaogba Christian Izuchukwu (currently on the run), obtained ₦750 million from Polaris Bank on April 17, 2023, based on a fabricated contract. The bank was misled to believe the funds were for dredging and stockpiling 100,000 tonnes of sharp sand, allegedly backed by documents cleared by Julius Berger Nigeria Plc.
Investigations revealed that one key document used in the scheme—an invoice dated November 29, 2022, titled “Pennhydro-Pell Oil & Gas Invoice No: 142”—was entirely forged. The EFCC confirmed that the entire project used to justify the loan was fictitious, and efforts by the bank to recover the funds have been unsuccessful.
Nwaemere pleaded not guilty to all charges. Prosecuting counsel, C. Okorie, requested a trial date, while defence counsel, U.C. Ngeleoka, presented a bail application, urging the court to allow the accused to remain free while standing trial.
Justice Obile ordered that the defendant be remanded at the Port Harcourt Correctional Centre and adjourned the matter to June 21, 2025, for ruling on the bail application.
