The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Ugochukwu Joseph Nwaemere, Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court in Port Harcourt, Rivers State, over an alleged N750 million fraud involving conspiracy, forgery, and obtaining money under false pretence.

Nwaemere was arraigned on a 10-count charge, including claims that he conspired with one Osaogba Christian Izuchukwu (currently at large) to defraud Polaris Bank Limited. According to the EFCC, the duo obtained the sum of N750 million on April 17, 2023, by falsely claiming they had secured a contract for dredging and stockpiling 100,000 tonnes of sharp sand for the ongoing Bodo-Bonny Road Project.

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—thereby committing an offence contrary to Section 1(1)(b) and punishable under Section 1(3) of the Advance Fee Fraud and Other Related Offences Act, 2006."

Nwaemere pleaded not guilty to all the charges.

Following the plea, the prosecution counsel, C. Okorie, requested the court to fix a date for trial. Meanwhile, the defendant’s lawyer, U.C. Ngeleoka, submitted a bail application, urging the court to grant his client bail to allow him stand trial.

Justice Obile ordered that Nwaemere be remanded at the Port Harcourt Correctional Centre pending the hearing and ruling on his bail application, which was fixed for June 21, 2025.

According to the EFCC, Nwaemere’s arrest followed a petition alleging that he and his associate approached Polaris Bank in April 2023 to obtain a loan, allegedly under false pretences. They reportedly presented a forged invoice purportedly issued by Julius Berger Nigeria Plc to support the claim of a completed project milestone.

Investigations revealed that the defendant fraudulently secured the N750 million loan using the forged documentation. Subsequent attempts by the bank to recover the funds reportedly failed, prompting the petition and EFCC’s involvement.

The case highlights ongoing efforts by the EFCC to clamp down on high-level financial crimes in Nigeria’s oil and gas sector.