The Port Harcourt’s Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), on Tuesday, arraigned Ugochukwu Joseph Nwaemere, the Executive Director of Pennhydro-Pell Oil and Gas Limited before Justice E.A Obile of the Federal High Court in Port Harcourt, Rivers State, for alleged conspiracy, forgery and obtaining money under false pretence to the tune of N750million.
Nwaemere was arraigned on a 10-count charge.
One of the charges 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), being the Executive Director of Pennhydro-Pell Oil & Gas Limited, on or about the 17th of April, 2023 at Port Harcourt, Rivers State within the jurisdiction of this Honourable Court, with intent to defraud, obtained a total sum of Seven Hundred and Fifty Million Naira (N750,000, 000.00k) from Polaris Bank Limited, garrison Junction Branch, Aba Road, Port Harcourt, Rivers State via said Bank with Account Number: 4091160890 under the false pretence that you were awarded a contract for the execution of dredging and stock-pilling of 100,00Om tones of sharp sand on the on-going Bodo-Bonny Road Project, a pretext you knew to be false and thereby committed an offence contrary to Section 1(1)(b) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act.
When the charge was read to Nwaemere, he pleaded “not guilty” to the offence. The development prompted the prosecuting EFCC lawyer, C.Okorie, to ask the court for a trial date.
But the lawyer to Uwaemere, U. C. Ngeleoka, informed the court of his application for the bail of his client , praying that the defendant be granted bail for him to stand his trial.
Justice Obile later remanded the defendant at the Port Harcourt Correctional Center till June 21, 2025 for ruling on the bail application.
Nwaemere was arrested based on the allegations made by a petitioner on some alleged illicit financial dealings bordering on conspiracy and obtaining money from his victim under false pretence running into millions.
Specifically, the petitioner alleged that the defendant, Executive Director of Pennhydro-Pell Oil & Gas Limited, and his conspirator, (now at large), sometimes in April 2023, approached Polaris Bank Limited, Garrison Junction Branch, Aba Road, Port Harcourt, Rivers State for a loan for the execution of dredging and stock-pilling of 100,00O tonnes of sharp sand on the ongoing Bodo-Bonny Road Project.
To obtain the loan, he allegedly forged a document titled “Pennydro-Pell Oil & Gas Invoice with No: 142 dated 29th of November, 2022”, purporting same to have been cleared by Julius Berger Nigeria Plc for payment of contract sum for a milestone completed by his company with intent that it may be acted upon as genuine.
Investigation revealed that Uwaemere allegedly convinced the bank and obtained a total sum of Seven Hundred and Fifty Million Naira (N750,000, 000.00k) but was later discovered that the loan proposal was false and all efforts by the victim to recover the said sum proved abortive.
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