The Economic and Financial Crimes Commission (EFCC) has arraigned Ugochukwu Joseph Nwaemere, Executive Director of Pennhydro‑Pell Oil & Gas Limited, on a 10-count charge of conspiracy, forgery, and obtaining money under false pretence involving ₦750 million, following a petition filed by Polaris Bank. The EFCC confirmed the development via its official X handle.
According to the charge, filed before Justice E.A. Obile of the Federal High Court in Port Harcourt, Nwaemere and his co‑conspirator, Osaogba Christian Izuchukwu (now at large and also an Executive Director at Pennhydro-Pell), allegedly obtained the cash in April 2023 by presenting a falsified invoice, allegedly cleared by Julius Berger Nigeria Plc, for a non-existent Bodo-Bonny Road sand-supplying contract. The sum was drawn from Polaris Bank’s Garrison Junction branch in Port Harcourt.
At today’s hearing, prosecuting counsel C. Okorie requested a trial date, while defense lawyer informed the court of a pending bail application. Justice Obile remanded Nwaemere at the Port Harcourt Correctional Centre, adjourning until June 21, 2025 for the bail ruling.
The EFCC said all efforts to recover the ₦750 million from the executive have failed, and stressed that Nwaemere’s co-conspirator remains at large. The agency is continuing its investigation, urging anyone with information on Izuchukwu’s whereabouts to come forward.
