Chairman Of Nadabo Energy Gets Arraigned For N761m Fuel Subsidy Scam

33-year-old Abubakar Ali Peters and his company, Nadabo Energy Limited, were yesterday arraigned by EFCC on 21-count charge bordering on obtaining money under false pretence, diversion of FG funds and forgery.

He allegedly obtained the sum N761,628,993.84 from the FG of Nigeria under the Petroleum Support Fund for the purpose of importing 16,808,064 litres of Premium Motor Spirit (PMS) but fraudulently imported only 7, 953,962 litres and diverted the rest of the product and its proceeds for personal use. .
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Abubakar is also facing a similar charge brought against him by the EFCC before Justice Balogun of the Lagos State High Court. Justice Ogunsanya granted him bail on the terms earlier offered him by Justice Balogun and adjourned the case to November 12, 2015 for the commencement of trial.