By Nkechi Eze
The Economic and Financial Crimes Commission (EFCC) has arraigned Ugochukwu Joseph Nwaemere, 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, over alleged N750 million fraud involving forgery, conspiracy, and obtaining money under false pretence.
According to an official statement signed by EFCC spokesperson Dele Oyewale, Nwaemere was arraigned on Tuesday, June 17, 2025, on a 10-count charge relating to the alleged scam. The EFCC accused him of fraudulently securing a N750 million loan from Polaris Bank Limited’s Garrison Junction branch in Port Harcourt under the pretext of executing a dredging and stockpiling contract for 100,000 tonnes of sharp sand as part of the ongoing Bodo-Bonny Road Project.
One of the charges alleged that Nwaemere, alongside Osaogba Christian Izuchukwu identified as the company’s Executive Director and currently at large conspired to defraud the bank by presenting forged documents as evidence of contract execution. Among these documents was a fake invoice dated November 29, 2022, purportedly issued by Julius Berger Nigeria Plc, and used to claim a milestone payment.
The prosecution stated that the claim of being awarded a contract on the Bodo-Bonny Road Project was false and aimed at misleading the bank into approving the loan. Upon investigation, it was revealed that the proposal was fraudulent and the contract never existed. Efforts by the bank to recover the loan amount were unsuccessful, prompting the petition that led to the EFCC’s investigation and subsequent arrest of the defendant.
Nwaemere pleaded not guilty to all charges read against him in court. Following his plea, prosecution counsel C. Okorie requested the court to fix a date for the commencement of trial. The defendant’s counsel, U.C. Ngeleoka, filed a bail application, urging the court to grant bail to his client to enable him prepare for his defence.
Justice Obile ordered that the defendant be remanded at the Port Harcourt Correctional Center pending the hearing and ruling on the bail application scheduled for June 21, 2025. The EFCC emphasized that the charges against Nwaemere are based on clear evidence of fraudulent activity designed to deceive the bank into granting a large financial facility under false pretences.
