The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Ugochukwu Joseph Nwaemere, the Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court sitting in Port Harcourt, Rivers State, over alleged conspiracy, forgery, and obtaining money under false pretence to the tune of N750 million involving a financial institution.
He was arraigned on a 10-count charge, according to a statement by the EFCC.
One of the charges reads:
“That you, Ugochukwu Joseph Nwaemere, being the Managing Director/Chief Executive Officer of Pennhydro-Pell Oil & Gas Limited, and Osaogba Christian Izuchukwu (now at large), being the Executive Director of Pennhydro-Pell Oil & Gas Limited, on or about the 17th of April, 2023 at Port Harcourt, Rivers State, within the jurisdiction of this Honourable Court, with intent to defraud, obtained a total sum of Seven Hundred and Fifty Million Naira (N750,000,000.00) from Polaris Bank Limited, Garrison Junction Branch, Aba Road, Port Harcourt, Rivers State via said Bank with Account Number: 4091160890 under the false pretence that you were awarded a contract for the execution of dredging and stockpiling of 100,000 tonnes of sharp sand on the ongoing Bodo-Bonny Road Project, a pretext you knew to be false and thereby committed an offence contrary to Section 1(1)(b) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.”
According to the EFCC statement, Nwaemere was arrested based on allegations made by a petitioner concerning some alleged illicit financial dealings bordering on conspiracy and obtaining money from his victim under false pretences running into millions.
At the defendant’s arraignment in Court, he pleaded “not guilty” to all the charges when they were read to him by the registrar.
Justice Obile remanded the defendant at the Port Harcourt Correctional Center till June 21, 2025, pending his ruling on the bail application.