The Economic and Financial Crimes Commission (EFCC) has arraigned Ugochukwu Joseph Nwaemere, an executive director of Pennhydro-Pell Oil and Gas Limited, before the Federal High Court in Port Harcourt, Rivers State, over an alleged N750 million fraud.
Nwaemere is facing a 10-count charge bordering on conspiracy, forgery, and obtaining money under false pretence.
The charges relate to a loan allegedly secured from Polaris Bank Limited in April 2023 using forged documents and false claims.
According to the EFCC, Nwaemere and an alleged accomplice, Osaogba Christian Izuchukwu (currently at large), deceived the bank into releasing N750 million by claiming they had been awarded a contract to dredge and stockpile 100,000 tonnes of sharp sand for the Bodo-Bonny Road Project. Investigators allege the claim was fraudulent and backed by a forged invoice purportedly issued by construction giant Julius Berger Nigeria Plc.
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), 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 (N750,000,000.00) from Polaris Bank Limited under the false pretence of being awarded a dredging contract—a pretext you knew to be false.”
Nwaemere pleaded not guilty to all the charges.
Following his plea, the prosecution counsel, C. Okorie, asked the court to fix a date for trial. The defence counsel, U.C. Ngeleoka, applied for bail, arguing that his client should be granted bail to prepare for his defence.
Justice E.A. Obile ordered Nwaemere’s remand at the Port Harcourt Correctional Centre and adjourned the bail hearing to 21 June 2025.
The EFCC said the case followed a petition by Polaris Bank after several unsuccessful efforts to recover the loan.
The commission described the matter as part of its broader clampdown on high-level financial crimes within Nigeria’s oil and gas industry.
