Justice Chukwujekwu Aneke of the Federal High Court, Lagos, has fixed March 28, 2025, for the arraignment of four directors of Petro Union Oil and Gas Limited over alleged £2.5 billion fraud

The arraignment was adjourned after it was established that only three out of the five defendants had been duly served with court summons.

The defendants include Petro Union Oil and Gas Limited (1st Defendant); Abayomi Kukoyi (2nd Defendant); Kingsley Okpala (3rd Defendant); Chidi Okpalaele (4th Defendant), and Emmanuel Okpalaele (5th Defendant).

The defendants, all directors of Petro Union Oil and Gas Limited, were accused of fraudulently procuring a Barclays Bank cheque dated December 29, 1994, worth £2,556,000,000, which they presented to Union Bank of Nigeria Plc under the pretense that it was meant for constructing three petrochemical refinery complexes in Nigeria.

They were also accused of forging a statement of account in the name of Goldmatic Limited, allegedly issued by the Central Bank of Nigeria, in an attempt to obtain an additional £2,159,221,313.54 billion.

The offenses were allegedly committed between 1994 and 2007.

At the mention of the case yesterday, Rotimi Jacobs, a Senior Advocate of Nigeria (SAN), represented the Economic and Financial Crimes Commission (EFCC), while Olubiyi Adediji appeared for the 1st and 3rd defendants.

However, there was no legal representation for the 4th and 5th defendants.

This case was previously handled by Justice Mohammed Liman, who had reached the stage where the prosecution closed its case.

The defendants then filed a no-case submission, which was overruled, and they were ordered to enter their defense.

However, Justice Liman was later promoted to the Court of Appeal, leading to the case being reassigned to Justice Aneke, who is now starting the trial de novo (afresh).

Some of the charges in the amended charge stated: “That you, Petro Union Oil & Gas Company Limited, Abayomi Kukoyi, and Princess Gladys Okpalaeze (now at large), on or about the 29th of December, 1994, at Lagos, within the jurisdiction of this Honourable Court, fraudulently procured a Barclays Bank cheque dated 29th December 1994 in the sum of £2,556,000,000.00 (Two Billion, Five Hundred and Fifty-Six Million Pounds), made payable to Gladstone Kukoyi & Associates.

“You falsely represented that the said cheque was intended for foreign investment in the construction of three refineries and a petrochemical complex in Nigeria, whereas you knew the cheque was unlawfully procured.

“By doing so, you committed an offence contrary to Section 1(2)(a) of the Miscellaneous Offences Act, Laws of the Federation of Nigeria, 1990, and are punishable under the same section.

“That you, Petro Union Oil & Gas Company Limited, Abayomi Kukoyi, and Princess Gladys Okpalaeze (now at large), on or about the 29th of December, 1994, at Lagos, within the jurisdiction of this Honourable Court, fraudulently uttered a Barclays Bank cheque dated 29th December 1994 in the sum of £2,556,000,000.00 (Two Billion, Five Hundred and Fifty-Six Million Pounds) to Union Bank Plc, made payable to Gladstone Kukoyi & Associates.

“You falsely claimed that the cheque was meant for foreign investment in the construction of three refineries and a petrochemical complex in Nigeria, whereas you knew the cheque was false. By doing so, you committed an offence contrary to Section 1(2)(a) of the Miscellaneous Offences Act, Laws of the Federation of Nigeria, 1990, and are punishable under the same section.” (THISDAY)