The Executive Director of Pennhydro-Pell Oil and Gas Limited, Ugochukwu Joseph Nwaemere, was arraigned by the Economic and Financial Crimes Commission (EFCC) Port Harcourt Zonal Directorate on Tuesday before Federal High Court Judge E.A. Obile in Port Harcourt, Rivers State.
At his arraignment, Nwaemere was charged by the EFCC with ten counts that included conspiracy, forgery, and acquiring N750 million via false pretenses.
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One of the counts 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 April 17, 2023, in Port Harcourt, Rivers State, obtained the sum of N750,000,000 from Polaris Bank Limited under the false pretence of executing a contract for dredging and stockpiling 100,000 tonnes of sharp sand for the ongoing Bodo-Bonny Road Project, a claim you knew to be false…”
The defendant however pleaded not guilty to all allegation by EFCC.
U.C. Ngeleoka, the defence counsel, requested bail on behalf of the defendant, while C. Okorie, the prosecuting attorney, requested a trial date.
Nwaemere was placed under remand at the Port Harcourt Correctional Centre by Justice Obile, who also postponed the case until June 21, 2025, so that the bail application could be decided.
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The petition that claimed Nwaemere and a co-conspirator, who is currently at large, obtained a loan from Polaris Bank under false pretences was followed by his arraignment. To support accusations of a nonexistent contract, the loan was allegedly secured through the use of fraudulent documents, including an invoice allegedly cleared by Julius Berger Nigeria Plc.
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Investigations revealed that the N750 million loan was disbursed, but efforts to recover the funds have since failed.
