Lagos – A Lagos High Court on Wednesday granted bail in the sum of N85 million to the Managing Director of Nadabo Energy Ltd., Abubakar Peters, charged with N1.5 billion oil subsidy fraud. The court held that the evidence before it showed that Peters reported himself to the court when he learnt that he had a case before it. “Bail is hereby granted to the defendant in the sum of N85 million and two sureties. The sureties must be resident in Lagos and possess three years’ tax clearance.
“The defendant must submit his international passport to the assistant court registrar, while he also reports to the Economic and Financial Crimes Commission (EFCC) every month,’’ Justice Christopher Balogun said.
Balogun remanded the accused at the Ikoyi Prisons pending the perfection of his bail.
The judge remanded him at Ikoyi Prisons following a prayer by EFCC counsel, Mr Mohammed Bahawa, who said that the EFCC custody was congested.
EFCC arraigned Peters on Dec. 10 on a two-count charge of fraudulently obtaining N1.5 billion from the Federal Government through the Petroleum Support Fund (fuel subsidy).
Peters is standing trial along with his company. They are accused of committing the fraud between February and April in contravention of Sections 1 (2) and (3) of the Advanced Fee Fraud and Other Fraud-Related Offences Act, 2006.
Peters, however, pleaded not guilty.
The case has been adjourned till Jan. 16 for substantive trial. (NAN)