Anti-Corruption: EFCC Arraigns Businessman, Firm Over Alleged $75,000 Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Peter Otomewu, and his company, Pebeto Enerji Limited, at the Ikeja Special Offences Court in Lagos for their alleged involvement in a $75,000 fraud. The arraignment is the latest in a series of anti-graft efforts by the Commission to combat financial crimes across the country.

The defendants were docked on a two-count charge bordering on obtaining money by false pretence and stealing. The EFCC prosecutor, M.S. Owede, told the court that Otomewu and his firm fraudulently obtained the sum from a company, Virgin Forest Energy Limited, in 2018. According to the charge, the accused presented a fraudulent business proposal, claiming they had a vessel, MT AYSU, capable of transshipping petroleum products from a mother vessel. The EFCC alleged that this representation was false and that the funds were never used for the stated purpose.

When the charges were read to them, both Otomewu and his company entered a “not guilty” plea. Following their plea, the prosecution counsel requested the court to remand the first defendant, Peter Otomewu, in a correctional center and set a date for the trial.

However, the defense counsel, Peter Ajabor, prayed the court to grant his clients bail on liberal terms. After hearing arguments from both parties, Justice Mojisola Dada granted the defendants bail in the sum of ₦50 million, with two sureties in like sum. The judge also ordered that the sureties must be gainfully employed, reside within the court’s jurisdiction, and have a similar amount in their bank accounts.

Justice Dada ordered that Otomewu be remanded in a correctional center pending the perfection of his bail conditions. The case has been adjourned for trial, and the EFCC has reiterated its commitment to pursuing all those who engage in fraudulent activities to their logical conclusion.