ALLEGED $75,000 FRAUD: EFCC WITNESS TELLS COURT HOW BUSINESSMAN DEFRAUDED OIL FIRM

Lagos, Nigeria — 16 March 2026

An operative of the Economic and Financial Crimes Commission (EFCC), Felicia Paul, on Monday narrated before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, how a businessman, Peter Otomewu, allegedly defrauded a petroleum services company, Virgin Forest Energy Limited, of $75,000.

The EFCC had earlier arraigned Otomewu and his company, Pebeto Enerji Limited, before the court on June 24, 2025, on a two-count charge bordering on obtaining money by false pretences and stealing.

Led in evidence by prosecuting counsel, Owede Spiff, the witness told the court that the defendant obtained the money under false pretences by claiming he owned a vessel, “MT AYSU,” capable of transhipping petroleum products from a mother vessel.

According to the prosecution, the offences were allegedly committed in 2018, noting that the representations made to the petitioner were false and that the funds were not used for the stated purpose. The defendants were said to have dishonestly converted the entire sum of $75,000 for personal use.

The witness explained that the petitioner paid the defendant the sum in two instalments—$50,000 in cash and an additional $25,000—towards a proposed petroleum transhipment project valued at $100,000.

“The defendant issued receipts for these payments but failed to execute the project,” she told the court, adding that only $25,000 was later refunded, leaving an outstanding balance of $50,000.

Further testimony revealed that although the defendant’s company is registered with the Corporate Affairs Commission (CAC), it is not registered with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the regulatory body for the sector.

She also disclosed that the Nigerian Maritime Administration and Safety Agency (NIMASA) confirmed that the vessel “MT AYSU” is not registered in Nigeria and is not authorised to operate in Nigerian waters, although a similarly named vessel exists under the flag of Saint Kitts and Nevis.

The alleged offences contravene relevant provisions of the Criminal Law of Lagos State, 2015, as well as the Advance Fee Fraud and Other Related Offences Act, 2006.

However, both defendants pleaded not guilty to the charges.

Following the testimony, Justice Dada adjourned the matter until April 20, 2026, for continuation of trial.