LAGOS — A Lagos-based businessman, Peter Otomewu, alongside his company, Pebeto Enerji Limited, was on Monday arraigned by the Economic and Financial Crimes Commission (EFCC) before the Ikeja Special Offences Court over an alleged $75,000 petroleum fraud.
Otomewu and his firm are facing a two-count charge bordering on obtaining money by false pretence and stealing, brought against them by the anti-graft agency.
Prosecution counsel, M.S. Owede, informed the court that the defendants committed the offences in 2018 when they allegedly obtained $75,000 from a petroleum services firm, Virgin Forest Energy Limited, under the false claim that they had a vessel, MT AYSU, capable of transshipping petroleum products.
According to the EFCC, the claim was false and the funds were never used for the stated purpose. Instead, the
prosecution alleged that the entire sum was dishonestly converted for personal use by Otomewu and his company.The offences are said to contravene Sections 278, 278(1), and 411 of the Criminal Law of Lagos State, 2015, as well as Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006.
The defendants pleaded not guilty before Justice Mojisola Dada.
Following the plea, Owede requested the court to remand Otomewu in custody and set a trial date. In response, defence counsel, Mr Peter Ajabor, appealed for bail on liberal terms.
Justice Dada granted bail to the defendants in the sum of ₦50 million, with two sureties in like sum. The sureties are required to be gainfully employed, reside within Lagos jurisdiction, and maintain bank accounts with a minimum balance of ₦50 million.
Pending the fulfilment of the bail conditions, Otomewu was ordered to be remanded in a correctional facility.
The case has been adjourned to September 29, 2025, for trial commencement.
