The Economic and Financial Crimes Commission (EFCC) on Tuesday, June 17, 2025, 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 alleged N750 million bank fraud.
Nwaemere is facing a 10-count charge bordering on conspiracy, forgery, and obtaining money under false pretence. He was arraigned alongside his alleged accomplice, Osaogba Christian Izuchukwu, who is currently at large.
According to the EFCC, the defendants fraudulently obtained the sum of N750 million from Polaris Bank Limited, Garrison Junction Branch, Port Harcourt, on the pretext that the funds were for the execution of a dredging and stockpiling contract for 100,000 tonnes of sharp sand on the ongoing Bodo-Bonny Road Project. The anti-graft agency said the contract claim was false and supported by a forged invoice purportedly issued by Julius Berger Nigeria Plc.
The EFCC said the case was initiated following a petition alleging that the defendant and his accomplice used forged documents to secure a loan from the bank and failed to repay the amount, prompting an investigation.
