Lagos, Nigeria — The Economic and Financial Crimes Commission (EFCC) on Monday presented evidence before a Lagos State Special Offences Court, Ikeja, alleging that businessman, Peter Otomewu and his company, Pebeto Energy Limited, defrauded Virgin Forest Energy Limited of $75,000 in a failed petroleum vessel transaction.
Testifying before Justice Mojisola Dada, EFCC operative Felicia Paul said Otomewu obtained the funds under false pretences, claiming he had access to a vessel, MT AYSU, capable of transshipping petroleum products.
Otomewu and Pebeto Energy Limited were arraigned on June 24, 2025, on a two-count charge of obtaining money by false pretences and stealing.
The EFCC alleged the offences occurred in 2018, when the defendants misrepresented their ability to provide a vessel for petroleum operations.
According to Paul, Virgin Forest Energy paid $75,000 in two instalments out of a $100,000 contract sum.
While $25,000 was later refunded, $50,000 remains outstanding.
Investigations revealed that Pebeto Energy was registered with the Corporate Affairs Commission, but not with the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Further checks showed that MT AYSU was not registered with the Nigerian Maritime Administration and Safety Agency (NIMASA) and was not authorised to operate in Nigerian waters.
A similarly named vessel was instead registered under the flag of Saint Kitts and Nevis.
Both defendants pleaded not guilty. Justice Dada adjourned the case until April 20, 2026, for the continuation of the trial.
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