The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Ugochukwu Nwaemere, 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.
Nwaemere is facing charges of conspiracy, forgery, and obtaining money under false pretence to the tune of N750 million (Seven Hundred and Fifty Million Naira). He was arraigned on a 10-count charge.
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 (N750,000,000.00k) 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 stock-pilling of 100,000m 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.”
The defendant pleaded “not guilty” to all the charges when read to him, prompting the prosecution counsel, C. Okorie, to request a trial date.
The defence counsel, U.C. Ngeleoka, informed the court of a pending bail application and prayed that the defendant be granted bail to enable him stand trial.
Justice Obile remanded the defendant at the Port Harcourt Correctional Center and adjourned the matter to June 21, 2025, for ruling on the bail application.
Nwaemere’s arrest followed a petition alleging his involvement in fraudulent financial dealings. The petitioner claimed that in April 2023, Nwaemere and his associate, now at large, approached Polaris Bank Limited, Garrison Junction Branch, Port Harcourt, seeking a loan to finance a supposed dredging and stockpiling contract on the Bodo-Bonny Road Project.
To obtain the loan, the defendant allegedly forged a document titled “Pennhydro-Pell Oil & Gas Invoice No: 142 dated 29th of November, 2022”, falsely presenting it as an invoice cleared by Julius Berger Nigeria Plc for payment on a completed milestone.
Investigation revealed that the defendant successfully deceived the bank and secured N750 million, but it was later discovered the contract claim was fabricated.
Efforts by the bank to recover the loan reportedly proved unsuccessful.