Alleged 1.4bn Subsidy Scam: EFCC Narrates How Nadabo Energy Boss Abubakar Forged Documents To Syphon N762m From FG

Investigations found that the paperwork used by Nadabo Energy Boss, Abubakar Alli Peters, and his firm to acquire a 1.4 billion naira subsidy were all fabricated, according to the head of the Economic and Financial Crimes Commission, Mr Abdulrasheed Bawa.

Mr Saidu Ateh, Rotimi Oyedepo, and others testified before Justice Sebotan Ogunsanya on Wednesday, describing how the defendant faked all the paperwork leading to the N762 million subsidy payment by exaggerating the number of Petroleum goods he purchased.

Bawa further told the court that the bank which financed the importation explained that the LPO of the Petroleum product financed by them is 666m against 1.4bn claimed by the defendant.

The EFCC also stated that the vessel MT…….. that imported the cargo only brought in 8 million litres, despite the defendant’s claim that the vessel shipped in 12 million litres.

In support of his case, the EFCC chief stated that the investigation indicated that all of the correspondences that led to the defendants receiving N1.4 billion were all falsified.

He had previously told the court that the then-Minister of Petroleum Resources, Mrs Diezani Allison Madueke, had filed a complaint alleging that the defendant had received N1.4 billion for an importion of 8 million litres but had inflated it to 12 million litres and received an excess of 762 million naira instead of 666 million naira.

In response to the defendant’s investigation by the Corporate Affairs Commission and Starco Insurance PLC to validate the product’s maritime insurance, he said all of the documents used by the defendant to receive the excess 762 million naira subsidy were fabricated.

“We also wrote to PPPRA to check what the defendant is entitled to, but the agency stated that the defendant was only entitled to 683 million naira, as opposed to the 1.4 billion naira he received from the Federal Government for a 762 million naira subsidy that he never imported.

Bawa also handed over the defendant’s two statements to the EFCC during the 2015 inquiry.

However, counsel for the defendant, Osagie Isiramen, objected to the statement’s admissibility, claiming that it was not obtained in the presence of his lawyer and that he was not given water to drink. As a result, he urged the court to order a trial within a trial to test the statement’s admissibility.

However, in a brief judgement, the trial judge overruled the objection, admitting the statement into evidence, and labeled exhibits P26 and P27, respectively.

On the eve of cross-examining the EFCC boss, who is also a prosecution witness, as well as the case’s investigating officer, defense counsel requested a postponement.

Justice Ogunsanya later rescheduled the trial for November 1st and 2nd, 2021, to allow the defense to cross-examine Bawa.