EFCC Arraigns Rivers Oil Magnate for Alleged N750million Polaris Bank Fraud

Court

By JUMMOKE SANNI

The Port Harcourt’s Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, June 17, 2025 arraigned Ugochukwu Joseph Nwaemere, the 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, for alleged conspiracy, forgery and obtaining money under false pretence to the tune of N750,000 (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 100,00Om tones of sharp sand on the on-going 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.

He pleaded “not guilty” to all the charges when they were read to him, prompting the prosecution counsel, C.Okorie, to ask the court for a trial date.