EFCC Arraigns Businessman, Firm Over Alleged $75,000 Petroleum Fraud

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned a businessman, Peter Otomewu, and his company, Pebeto Enerji Limited, before the Ikeja Special Offences Court over an alleged $75,000 fraud involving a petroleum services firm.

The defendants were charged with two counts of obtaining money under false pretence and stealing, with the charges stemming from a transaction dating back to 2018.

According to EFCC prosecutor M.S. Owede, Otomewu and his firm allegedly duped Virgin Forest Energy Limited by falsely claiming they possessed a vessel, MT AYSU, capable of transshipping petroleum products from a mother vessel. The funds provided for that service were allegedly misappropriated.

The anti-graft agency accused Otomewu of dishonestly converting the entire sum to personal use. The EFCC said the actions violated Sections 278, 278(1), and 411 of Lagos State’s 2015 Criminal Law, as well as Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006.

Otomewu and his company pleaded not guilty to the charges before Justice Mojisola Dada.

Following the plea, Owede urged the court to remand the defendant in custody and set a trial date. In response, the defence counsel, Mr. Peter Ajabor, asked for bail on lenient terms.

Justice Dada granted bail in the sum of N50 million with two sureties of the same amount. She specified that the sureties must be gainfully employed, reside within Lagos jurisdiction, and have at least N50 million in their bank accounts.

Otomewu was ordered to be remanded in a correctional facility until the bail conditions are fulfilled.

The case was adjourned to September 29, 2025, for trial commencement.