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Fraud

Jan 23, 2026

FRN vs Petro Union Oil and Gas Limited (Company) & 4 others

Humans

Petro Union & Gas Company Limited
& 4 others

Money bag

£2,556,000,000.00
Amount allegedly defrauded

Money bag

Case Summary
The Defendants who are company directors of Petro Union Oil and Gas Limited (1st Defendant), alongside Prince Isaac Okpala (now deceased) and Princess Gladys Okpalaeze (now at large), were alleged to have fraudulently procured a cheque from a foreign bank in the said sum, and under the pretext that it was meant for the construction of three (3) petrochemical refinery complexes in Nigeria. The Defendants were also alleged to have forged a statement of account in the name of "Goldmatic Limited", purportedly issued by the Central Bank of Nigeria, in an attempt to obtain the sum of £2,159,221,313.54 billion. The were alleged to have committed these offenses between 1994 and 2007.

Calendar

2,171
Day(s) since arraignment

Gavel

Case Update
At the resumed trial date, the prosecution presented their 7th witness, who is a Senior Manager with the Corporate Affairs Commission, CAC Maitama, Abuja. The prosecution witness told the court that when the Corporate Affairs Commission received a request from the EFCC hinged on an investigation involving the Defendants, they responded and provided documents relating to the registration of the company. Thereafter, the prosecution counsel sought to tender the documents before the court. The trial judge admitted in evidence the documents, which included the investigation activities letter of the EFCC, as well as CAC pre and post-incorporation papers as Exhibit A-E.

Court house

Hon. Justice M. Liman
Federal High Court, Ikoyi, Lagos

Legislation

ACJA/ACJL Compliance - violated

Case Information
Petro Union & Gas Company Limited & 4 others
Presiding Judge & Designated Court
Hon. Justice M. Liman, Federal High Court, Ikoyi, Lagos
Nature and Number of Charges
7-count charge bordering on conspiracy, obtaining by false pretense, attempt to steal and forgery
Date of 1st Arraignment
Feb 13, 2020
Summary of Case
The Defendants who are company directors of Petro Union Oil and Gas Limited (1st Defendant), alongside Prince Isaac Okpala (now deceased) and Princess Gladys Okpalaeze (now at large), were alleged to have fraudulently procured a cheque from a foreign bank in the said sum, and under the pretext that it was meant for the construction of three (3) petrochemical refinery complexes in Nigeria. The Defendants were also alleged to have forged a statement of account in the name of "Goldmatic Limited", purportedly issued by the Central Bank of Nigeria, in an attempt to obtain the sum of £2,159,221,313.54 billion. The were alleged to have committed these offenses between 1994 and 2007.
Defendant(s) and Plea entered on Arraignment
1. Petro Union & Gas Company Limited (Company) – Not Guilty
2. Abayomi Kukoyi (Director of Gladstone Kukoyi & Associates) – Not Guilty
3. Prince Kingsley Okpala (Director of Petro Union Oil and Gas Limited) – Not Guilty
4. Prince Chidi Okpalaeze (Director of Petro Union Oil and Gas Limited) – Not Guilty
5. Prince Emmanuel Okpalaeze (Director of Petro Union Oil and Gas Limited) – Not Guilty
Defence Counsel(s)
1. Olasubomi Adegbemisoye (Lawyer)
2. Bashir Ramon (Lawyer)
Prosecuting Agency
Economic and Financial Crimes Commission
Prosecutor(s)
1. Rotimi Jacobs (Senior Advocate of Nigeria)
Status of Case
On Trial
Stage of Trial
Prosecution Stage
Length of Trial
2,171 day(s)
Case Update
At the resumed trial date, the prosecution presented their 7th witness, who is a Senior Manager with the Corporate Affairs Commission, CAC Maitama, Abuja. The prosecution witness told the court that when the Corporate Affairs Commission received a request from the EFCC hinged on an investigation involving the Defendants, they responded and provided documents relating to the registration of the company. Thereafter, the prosecution counsel sought to tender the documents before the court. The trial judge admitted in evidence the documents, which included the investigation activities letter of the EFCC, as well as CAC pre and post-incorporation papers as Exhibit A-E.
ACJA/ACJL Compliance
Violated