Politics
N336.9m Lotus Bank Fraud: EFCC Arraigns Oil Company Boss, Orders Remand In Ikoyi Correctional Centre
The Economic and Financial Crimes Commission (EFCC) has arraigned Abdulkarim Muhammad Arome and his company, Cresco Oil and Gas Limited, before the Lagos State High Court in Ikeja over an alleged N336.9m Lotus Bank Fraud. The defendants were remanded in the Ikoyi Correctional Centre after pleading not guilty to the charges.
Key Highlights
- EFCC arraigns oil company boss over alleged N336.9m Lotus Bank Fraud.
- Cresco Oil and Gas Limited also docked alongside its managing director.
- Defendants face charges of conspiracy, stealing and retention of proceeds of criminal conduct.
- Court orders remand at Ikoyi Correctional Centre.
- Trial scheduled to commence on October 7, 2026.
The defendants were arraigned before Justice O. A. Okunuga of the Lagos State High Court by the EFCC Lagos Zonal Directorate 1, Ikoyi, on Monday, June 29, 2026.
According to the anti-graft agency, the defendants were brought before the court on an amended three-count charge bordering on conspiracy, stealing and retention of proceeds of criminal conduct.
The EFCC alleged that Abdulkarim Muhammad Arome, alongside Peter Daniels Prosper, who is currently at large, and Cresco Oil and Gas Limited, conspired in 2022 to fraudulently convert funds belonging to Lotus Bank.
One of the charges alleged that the defendants dishonestly converted N336,993,863.35, said to be the property of Lotus Bank, to their personal use.
The commission stated that the alleged offences contravened relevant provisions of the Criminal Law of Lagos State, 2015, the Criminal Law of Lagos State, 2011, and the Economic and Financial Crimes Commission (Establishment) Act, 2004.
When the charges were read in court, the defendants pleaded not guilty.
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Following the plea, EFCC prosecuting counsel, E. S. Okongwu, asked the court to fix a trial date and remand the defendants in a correctional facility pending the commencement of proceedings.
Counsel to the defence informed the court of plans to file bail applications and requested a short adjournment to enable the applications to be heard.
After listening to both parties, Justice Okunuga ordered that the defendants be remanded in the Ikoyi Correctional Centre and adjourned the matter until October 7, 2026, for the commencement of trial.
The court is expected to consider the defendants’ bail applications before substantive proceedings begin.
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