The Port Harcourt Zonal Office of the Economic and Financial Crimes Commission (EFCC) on Tuesday brought Ugochukwu Joseph Nwaemere before the Federal High Court in Port Harcourt, Rivers State.
He was arraigned before Justice E.A. Obile on a 10-count charge linked to conspiracy, forgery, and fraudulent receipt of funds totaling N750 million.
According to the EFCC, Nwaemere, who serves as Executive Director of Pennhydro-Pell Oil and Gas Limited, allegedly worked with an accomplice, Osaogba Christian Izuchukwu, who is currently on the run.
Together, they were said to have obtained the money under a false claim involving a dredging project.
One of the charges reads: “That you, Ugochukwu Joseph Nwaemere, being the Managing Director/Chief Executive Officer of Pennhydro-Pell Oil & Gas Limited, and Osaogba Christian Izuchukwu (now at large), on or about April 17, 2023, in Port Harcourt, Rivers State, obtained the sum of N750,000,000 from Polaris Bank Limited under the false pretence of executing a contract for dredging and stockpiling 100,000 tonnes of sharp sand for the ongoing Bodo-Bonny Road Project, a claim you knew to be false…”
Nwaemere denied all the charges when they were read to him.
Prosecuting lawyer, C. Okorie, requested a date for trial to commence. On the other side, U.C. Ngeleoka, who represented the defendant, submitted a bail application.
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Justice Obile ruled that Nwaemere be held at the Port Harcourt Correctional Centre until the court decides on the bail request on the 21st of June, 2025.
The EFCC’s investigation began after a petition accused Nwaemere and his associate of fraudulently securing a loan from Polaris Bank using forged documents.
The documents included an invoice allegedly approved by Julius Berger Nigeria Plc, claiming a dredging contract that did not exist.
Despite the loan being approved and released, recovery attempts have so far proved unsuccessful.