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Subsidy Scam: Firm Boss Gets N85m Bail  print

Published on December 20, 2012 by   ·   No Comments

A Lagos High Court on Wednesday granted bail in the sum of N85 million to the Managing Director of Nadabo Energy Ltd., Abubakar Peters, charged with N1.5 billion oil subsidy fraud.

The court held that the evidence before it showed that Peters reported himself to the court when he learnt that he had a case before it.

“Bail is hereby granted to the defendant in the sum of N85 million and two sureties. The sureties must be resident in Lagos and possess three years’ tax clearance.

“The defendant must submit his international passport to the assistant court registrar, while he also reports to the Economic and Financial Crimes Commission (EFCC) every month,’’ Justice Christopher Balogun said.

Balogun remanded the accused at the Ikoyi Prisons pending the perfection of his bail condition.

The judge remanded him at Ikoyi Prisons following a prayer by EFCC counsel, Mr Mohammed Bahawa, who said the EFCC custody was congested.

The News Agency of Nigeria (NAN) reports that the EFCC arraigned Peters on 10 December on a two-count charge of fraudulently obtaining N1.5 billion from the Federal Government through the Petroleum Support Fund (fuel subsidy).

Peters is standing trial along with his company. They are accused of committing the fraud between February and April in contravention of Sections 1 (2) and (3) of the Advanced Fee Fraud and Other Fraud-Related Offences Act, 2006.

Peters pleaded not guilty.

The case has been adjourned till 16 January.

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Posted by on December 20, 2012, 2:35 pm. Filed under Business, Business News, Electricity, Oil and Gas, Metro, News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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