The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of Cresco Oil and Gas Limited, Abdulkarim Muhammad Arome, alongside the company over an alleged N336.99 million fraud involving Lotus Bank.
Arome and Cresco Oil and Gas Limited were brought before Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja on Monday by the EFCC’s Lagos Zonal Directorate 1 on an amended three-count charge bordering on conspiracy, stealing and retention of proceeds of criminal conduct.
According to the anti-graft agency, the alleged offences contravene Sections 409 and 285 of the Criminal Law of Lagos State, 2015, Section 285(1) of the Criminal Law of Lagos State, 2011, as well as Section 17(a) and (b) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.
The EFCC alleged that Arome, the company and one Peter Daniels Prosper, who is currently at large, conspired in 2022 to steal money belonging to Lotus Bank.
The commission further accused the defendants of dishonestly converting to their own use a total of N336,993,863.35 belonging to the bank between 2022 and 2023.
When the charges were read before the court, Arome and the company pleaded not guilty.
Following the plea, EFCC prosecuting counsel, E. S. Okongwu, requested a trial date and urged the court to remand the defendants in a correctional facility pending the commencement of trial.
Counsel to the defendants, however, informed the court of plans to file bail applications and sought a short adjournment to allow the applications to be heard.
In his ruling, Justice Okunuga ordered that the defendants be remanded at the Ikoyi Correctional Centre pending the hearing of the bail application.
The judge subsequently adjourned the matter until October 7, 2026, for the commencement of trial.
