Port Harcourt, June 18, 2025 – The Economic and Financial Crimes Commission (EFCC) has brought serious charges against Ugochukwu Nwaemere, the Executive Director of Pennhydro-Pell Oil and Gas Ltd., accusing him of defrauding Polaris Bank of N750 million. The case, which unfolded at the Federal High Court in Port Harcourt, has drawn significant attention due to the scale of the alleged fraud and the prominence of the accused in the oil and gas sector.
According to the EFCC, Nwaemere obtained the substantial loan from Polaris Bank by presenting forged documents, misrepresenting the financial standing of his company. The prosecution alleges that the funds were secured under false pretences, with no intention of adhering to the repayment terms outlined in the loan agreement. The charges detail a deliberate scheme to deceive the bank, exploiting its trust to access the significant sum.
Nwaemere, however, entered a not guilty plea during his arraignment, maintaining his innocence in the face of the allegations. His defense team argued for his release on bail, citing his status as a reputable businessman and his willingness to cooperate with the investigation. The EFCC, however, opposed the bail application, expressing concerns about the possibility of Nwaemere interfering with the ongoing probe or fleeing the jurisdiction. The court, presided over by Justice Aminu Garba, adjourned the matter to June 21 for a ruling on the bail application, ordering Nwaemere to remain in custody until then.
The case has sparked discussions about financial oversight in Nigeria’s oil and gas industry, with many questioning how such a large sum could be accessed through allegedly fraudulent means. Sources close to the investigation revealed that the EFCC uncovered the forged documents during a routine audit of Pennhydro-Pell Oil and Gas Ltd.’s financial dealings. The documents, which included falsified asset valuations and financial statements, were allegedly used to paint a misleading picture of the company’s creditworthiness.
Local residents and industry observers in Port Harcourt expressed mixed reactions to the case. “This is a wake-up call for banks to tighten their loan processes,” said Chidi Okonkwo, a financial analyst based in the city. “It’s alarming to see such sums involved in fraud allegations.” Others, however, cautioned against rushing to judgment, noting Nwaemere’s contributions to the local economy through his company’s operations.
As the June 21 bail hearing approaches, the EFCC has vowed to pursue the case diligently, signaling its commitment to combating financial crimes in Nigeria’s critical oil sector. The outcome of this high-profile case could set a precedent for how similar fraud allegations are handled in the future, with potential ripple effects across the industry. For now, Nwaemere remains in custody, awaiting the court’s decision on his fate.
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