Tunde Bakare
The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on Wednesday, August 5, 2026, arraigned Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef for an alleged N652.18m theft before Justice Olubunmi O. Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos.
The defendants, alongside two companies, Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, were to be arraigned on July 8, 2026.
However, the arraignment could not proceed as scheduled due to the absence of the fourth defendant, Lateef, proprietor of Crescent Integrated and General Merchandise Limited, and his legal counsel.
Consequently, Justice Abike-Fadipe had adjourned the matter till Wednesday August 5, 2026 for the arraignment of the defendants.
At Wednesday’s proceedings, the defendants were arraigned on an eight-count charge bordering on conspiracy to steal, stealing and money laundering to the tune of N652,182,601:44 (Six Hundred and Fifty-two Million, One Hundred and Eighty-two Thousand, Six Hundred and One Naira, Forty-four Kobo).
One of the counts reads: “Jacob Acheneje Okolo and Upper-Level Energy Resources, sometime between 2022 and 2025, in Lagos, dishonestly stole and converted to your own use the sum of ₦343,765,101.44, property of Petrocam Trading Nigeria Limited, contrary to Sections 280(1)(b) and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”
Another count reads: “That you, Jacob Acheneje Okolo and Upper-Level Energy Resources, sometime between 2022 and 2025, in Lagos, dishonestly stole and converted to your own use the sum of ₦200,932,500.00, property of Petrocam Trading Nigeria Limited, contrary to Sections 280(1)(b) and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”
The defendants pleaded “not guilty” to the charges preferred against them.
Following their pleas, counsel to Okolo( first defendant), Upper-Level Energy Resources( second defendant) and Solomon ( third defendant), C.T.Ahmadu, informed the court that he had filed a motion dated July 8, 2026, praying the court to admit his clients to bail on liberal terms.
He also argued that the defendants were presumed innocent until proven guilty and urged the court to uphold their constitutional rights, particularly as the alleged offences were bailable.
He further submitted that the defendants would present witnesses in their defence at the trial.
Counsel to Lateef( fourth defendant) and Crescent Integrated and General Merchandise Limited (fifth defendant), Kola Gbadamosi, thereafter, made an oral application for the bail of his clients.
In support of his application, he cited relevant judicial authorities, including Alabi v. Federal Republic of Nigeria (2017) and V. Abang v. FRN (2024).
He also informed the court that the fourth defendant would call one witness in his defence.
Responding, the prosecution counsel, I.G. Akhanolu, opposed the bail applications for the first and third defendants, arguing that they had failed to honour the Commission’s invitations and were therefore liable to jump bail.
Akhanolu further submitted that considering the huge amount of money involved in the matter, the court should impose conditions that would ensure the availability of the first and third defendants throughout the trial.
He, however, did not object to the oral bail application made on behalf of the fourth defendant. He also informed the court that the prosecution would call six witnesses to prove its case.
After listening to the submissions of the defence and prosecution, Justice Abike-Fadipe admitted the first defendant to bail in the sum of N200,000,000:00 (Two Hundred Million Naira), with two sureties resident within the jurisdiction of the court.
The court also admitted the third defendant to bail in the sum of N50,000,000:00 (Fifty Million Naira), with two sureties who must own landed property within the jurisdiction of the court.
The judge further ordered that the fourth defendant should continue to enjoy the administrative bail earlier granted him by the Commission pending the determination of a written bail application.
Justice Olubunmi- Fadipe directed the defence counsel to the fourth defendant to file a formal written application for his bail within seven days.
Justice Abike-Fadipe adjourned the matter till December 8 and 9, 2026 for the commencement of trial.