Aug 7, 2026

EFCC Arraigns Three Men, Two Firms Over Alleged ₦652m Theft

By Afolabi Olaiya Idowu in news

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Lagos, Nigeria – August 7, 2026 — The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned three individuals and two companies before a Lagos court over the alleged theft of ₦652.18 million.

The defendants—Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef—along with Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, were brought before Justice Olubunmi O. Abike-Fadipe of the Special Offences Court in Ikeja.

They face an eight-count charge bordering on conspiracy to steal, stealing and money laundering amounting to ₦652,182,601.44.

Details of the Allegations

According to the charge, Okolo and Upper-Level Energy Resources allegedly stole and converted to their own use the sum of ₦343,765,101.44 belonging to Petrocam Trading Nigeria Limited between 2022 and 2025.

A second count accuses them of similarly converting ₦200,932,500 belonging to the same company.

The offences are said to be contrary to relevant sections of the Criminal Law of Lagos State, 2015.

The defendants pleaded not guilty to all the charges.

Bail Conditions and Next Hearing

Counsel for Okolo, Upper-Level Energy Resources, and Solomon applied for bail on liberal terms, arguing that the defendants are presumed innocent and that the offences are bailable. Counsel for Lateef and Crescent Integrated also sought bail for their clients.

The prosecution opposed bail for Okolo and Solomon, citing their alleged failure to honour previous invitations by the Commission and the large sum involved. It did not object to Lateef’s application.

Justice Abike-Fadipe admitted Okolo to bail in the sum of ₦200 million with two sureties resident within the court’s jurisdiction. Solomon was granted bail in the sum of ₦50 million with two sureties who must own landed property within the jurisdiction.

Lateef was ordered to continue enjoying the administrative bail earlier granted by the EFCC pending the determination of a formal written application, which his counsel was directed to file within seven days.

The matter was adjourned to December 8 and 9, 2026, for the commencement of trial. The prosecution indicated it would call six witnesses, while the defence said it would also present witnesses.

The case forms part of the EFCC’s ongoing efforts to prosecute economic and financial crimes in Lagos. The defendants remain presumed innocent until proven guilty by a court of competent jurisdiction.