The Port Harcourt Zonal Directorate of the {Economic} and {Financial} Crimes Fee (EFCC) on Tuesday arraigned Ugochukwu Joseph Nwaemere, the Govt Director of Pennhydro-Pell Oil and Fuel Restricted, earlier than Justice E.A. Obile of the Federal Excessive Courtroom sitting in Port Harcourt, Rivers State, over alleged conspiracy, forgery, and acquiring cash below false pretence to the tune of N750 million involving a {financial} establishment.
He was arraigned on a 10-count cost, in line with a press release by the EFCC.
One of many fees reads:
“That you just, Ugochukwu Joseph Nwaemere, being the Managing Director/Chief Govt Officer of Pennhydro-Pell Oil & Fuel Restricted, and Osaogba Christian Izuchukwu (now at giant), being the Govt Director of Pennhydro-Pell Oil & Fuel Restricted, on or concerning the seventeenth of April, 2023 at Port Harcourt, Rivers State, inside the jurisdiction of this Honourable Courtroom, with intent to defraud, obtained a complete sum of Seven Hundred and Fifty Million Naira (N750,000,000.00) from Polaris Bank Restricted, Garrison Junction Department, Aba Street, Port Harcourt, Rivers State by way of stated {Bank} with Account Quantity: 4091160890 below the false pretence that you simply had been awarded a contract for the execution of dredging and stockpiling of 100,000 tonnes of sharp sand on the continuing Bodo-Bonny Street Venture, a pretext you knew to be false and thereby dedicated an offence opposite to Part 1(1)(b) of the Advance Price Fraud and Different Associated Offences Act, 2006 and punishable below Part 1(3) of the identical Act.”
In response to the EFCC assertion, Nwaemere was arrested based mostly on allegations made by a petitioner regarding some alleged illicit {financial} dealings bordering on conspiracy and acquiring cash from his sufferer below false pretences working into thousands and thousands.
On the defendant’s arraignment in Courtroom, he pleaded “not responsible” to all the fees once they had been learn to him by the registrar.
Justice Obile remanded the defendant on the Port Harcourt Correctional Middle until June 21, 2025, pending his ruling on the bail software.
