Three arraigned for alleged N652m theft and money laundering
Three individuals and two companies have been arraigned by the Economic and Financial Crimes Commission (EFCC) before the Special Offences Court in Ikeja, Lagos. The case involves the alleged theft and laundering of N652.18 million belonging to Petrocam Trading Nigeria Limited. The defendants, Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, and Issa Aloba Lateef, along with their companies, pleaded not guilty to all charges. The court has set bail conditions and scheduled trial dates as the proceedings continue.
What we know
- The EFCC arraigned Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon, Issa Aloba Lateef, Upper-Level Energy Resources, and Crescent Integrated and General Merchandise Limited over alleged theft and money laundering of N652.18 million.
- The arraignment was previously scheduled for July 8, 2026, but was adjourned due to the absence of Lateef and his legal counsel.
- Charges include the dishonest conversion of over N343.76 million and N200.93 million, allegedly stolen between 2022 and 2025 from Petrocam Trading Nigeria Limited.
- Justice Olubunmi O. Abike-Fadipe granted bail to Okolo and Solomon with strict conditions, while Lateef continues on administrative bail.
- The court adjourned the matter until December 8 and 9, 2026, for the commencement of trial.
