The Economic and Financial Crimes Commission has arraigned Abdulkarim Muhammad Arome and his company, Cresco Oil and Gas Limited, before the Lagos State High Court in Ikeja over an alleged N336.99 million fraud involving Lotus Bank….
The Economic and Financial Crimes Commission has arraigned Abdulkarim Muhammad Arome and his company, Cresco Oil and Gas Limited, before the Lagos State High Court in Ikeja over an alleged N336.99 million fraud involving Lotus Bank.
The defendants were arraigned on Monday before Justice O. A. Okunuga by the EFCC’s Lagos Zonal Directorate 1, Ikoyi, on an amended three-count charge bordering on conspiracy, stealing and retention of proceeds of criminal conduct.
According to the anti-graft agency, the offences are contrary to Sections 409 and 285 of the Criminal Law of Lagos State, 2015, Section 285(1) of the Criminal Law of Lagos State, 2011, and Section 17(a) and (b) of the EFCC (Establishment) Act, 2004.
https://x.com/officialEFCC/status/2072009402463166926
The prosecution alleged that Arome, Cresco Oil and Gas Limited and one Peter Daniels Prosper, who is currently at large, conspired in 2022 to steal funds belonging to Lotus Bank.
The EFCC further alleged that between 2022 and 2023, the defendants dishonestly converted N336,993,863.35 belonging to the bank to their personal use.
The defendants pleaded not guilty to all the charges.
Following the arraignment, prosecution counsel E. S. Okongwu asked the court to fix a trial date and remand the defendants in a correctional facility pending the commencement of trial.
Counsel for the defence informed the court of her intention to file bail applications and sought a short adjournment to enable the applications to be heard.
Justice Okunuga ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the case until October 7, 2026, for the commencement of trial.
The allegations remain charges, and the defendants are presumed innocent unless and until proven guilty by the court.
