EFCC Arraigns Three Men, Two Companies Over Alleged ₦652m Theft in Lagos

By Staff Reporter

The Economic and Financial Crimes Commission (EFCC) has arraigned three men and two companies before the Special Offences Court sitting in Ikeja, Lagos, over an alleged ₦652.18 million theft and money laundering.

The defendants are Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef, alongside Upper Level Energy Resources and Crescent Integrated and General Merchandise Limited.

They were arraigned on Wednesday, August 5, 2026, before Justice Olubunmi O. Abike Fadipe on an eight count charge bordering on conspiracy to steal, stealing and money laundering involving ₦652,182,601.44.

The defendants had initially been scheduled for arraignment on July 8, but the proceedings could not go ahead because Lateef, the proprietor of Crescent Integrated and General Merchandise Limited, and his lawyer were absent.

At Wednesday’s proceedings, all the defendants pleaded not guilty to the charges.

One of the counts alleged that between 2022 and 2025, Okolo and Upper Level Energy Resources dishonestly stole and converted ₦343,765,101.44 belonging to Petrocam Trading Nigeria Limited.

Another count alleged that the same defendants stole and converted an additional ₦200,932,500 belonging to Petrocam Trading Nigeria Limited during the same period.

Following the pleas, defence lawyers applied for bail, arguing that the defendants were presumed innocent until proven guilty and that the alleged offences were bailable.

Counsel to Okolo, Upper Level Energy Resources and Solomon, C.T. Ahmadu, urged the court to admit his clients to bail on liberal terms. He also assured the court that the defendants would present witnesses in their defence during trial.

Counsel to Lateef and Crescent Integrated and General Merchandise Limited, Kola Gbadamosi, also applied for bail, citing relevant judicial authorities in support of his application.

However, EFCC counsel, I.G. Akhanolu, opposed the bail applications of the first and third defendants, arguing that they had previously failed to honour invitations from the Commission and could therefore pose a risk of jumping bail.

Akhanolu further urged the court to impose stringent bail conditions, particularly given the substantial amount allegedly involved in the case.

The prosecution, however, did not oppose the oral bail application made on behalf of Lateef. The EFCC also informed the court that it would call six witnesses to prove its case.

After hearing arguments from both sides, Justice Abike Fadipe granted Okolo bail in the sum of ₦200 million, with two sureties resident within the court’s jurisdiction.

Solomon was granted bail in the sum of ₦50 million, with two sureties who must own landed property within the court’s jurisdiction.

The court further ordered that Lateef should continue to enjoy the administrative bail previously granted to him by the EFCC pending the determination of his formal bail application.

Justice Abike Fadipe directed Lateef’s counsel to file the written bail application within seven days.

The court adjourned the matter until December 8 and 9, 2026, for the commencement of trial.

The defendants are presumed innocent until proven guilty by the court.