Anti-corruption and elections / EFCC

EFCC Arraigns Oil Magnate in Port Harcourt for Alleged N750million Bank Fraud

The Port Harcourt’s Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, June 17, 2025 arraigned Ugochukwu Joseph Nwaemere, the Executive Director of Pennhydro-Pell Oil and Gas Limited before Justice E.A Obile of the Federal High Court sitting in Port Harcourt, Rivers State, for alleged conspiracy, forgery and obtaining money under false pretence to the tune of N750,000 (Seven Hundred and Fifty Million Naira). He was arraigned on a 10-count charge. One of the charges reads: That you, Ugochukwu Joseph Nwaemere being the Managing Director/Chief Executive Officer o…