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£15bn Petro Union Fraud

£15bn Petro Union Fraud: Attorney-General Steps In

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£15bn Petro Union Fraud: Attorney-General Steps In

 

 

In a significant move to safeguard Nigeria from potential fraud, the Attorney-General of the Federation and Minister of Justice, Chief Lateef Fagbemi (SAN), has led a team of senior lawyers to represent the Federal Government at a Supreme Court hearing over the Petro Union Oil and Gas Limited case.

The development marks the first time the Federal Government was represented at such a high level since the little-known company secured a judgment from the Federal High Court in Abuja for £2.556 billion.

However, the Economic and Financial Crimes Commission (EFCC) had concluded in its investigation report that Petro Union obtained the judgment by allegedly using a Barclays Bank UK cheque to draw from an account closed five years before it was presented.

The anti-graft agency’s finding led to the ongoing prosecution of the oil company’s directors before the Federal High Court in Lagos.

The directors, Prince Kingsley Okpala, Prince Chidi Okpalaeze, Prince Emmanuel Okpalaeze, and Abayomi Kukoyi (trading as Gladstone Kukoyi & Associates), are facing a 13-count charge of conspiracy, forgery, and fraud before Justice Chukwujekwu Aneke.

Chief Fagbemi’s appearance in the controversial case is particularly notable because it demonstrates the Federal Government’s resolve to fight the March 11, 2014, court order, which directed the Central Bank of Nigeria (CBN), Union Bank of Nigeria, the Minister of Finance, and the Attorney-General to jointly pay Petro Union the judgment amount along with 15 per cent interest per annum.

During the March 17, 2025 proceedings, Chief Fagbemi led a team of lawyers, including Mohammed Gazali (SAN), a Director in the Federal Ministry of Justice, and other lawyers representing the Federal Government and its agencies.

Chief Adegboyega Awomolo (SAN) led the legal team for Union Bank, while the CBN’s legal representation was headed by Damian Dodo (SAN) alongside Mrs. Olabisi Soyebo (SAN) and others.

Chief Awomolo argued an application to amend the Notice of Appeal by adding eight additional Grounds of Appeal.

While the AGF and the CBN’s lawyers supported the motion, Petro Union’s legal team opposed it.

After listening to arguments on the matter from the lawyers, the Supreme Court reserved its ruling for a later date to be communicated to the parties.

The judgment sum against the Federal Government, CBN, and Union Bank now stands at over £15 billion, including interest—exceeding 50% of Nigeria’s foreign reserves.

Legal experts have compared this situation to the infamous $10 billion Process and Industrial Development (P&ID) case.

The troubling events leading to this judgment began in 1994 when Petro Union allegedly fraudulently obtained a cheque worth £2.556 billion from a Barclays Bank branch in the UK.

The company presented this cheque at a Union Bank branch in Lagos, claiming it was for a contract related to refinery construction and the establishment of a bank.

Subsequent investigations by the CBN and Union Bank unveiled that the cheque, dated December 29, 1994, and drawn in favour of Gladstone Kukoyi & Associates, was confirmed by Barclays Bank to be counterfeit.

Barclays Bank had also indicated that Gazeaft Limited, the issuer of the bill of exchange, did not have an account with them and was not listed as a registered company in the UK.

Despite these findings, Petro Union and its agents persisted in their claims that Union Bank had received £2,556,000,000.00 on their behalf and had transferred £2,159,221,318.54 to the CBN while retaining £396,778,681.46. This led to court actions against the CBN and Union Bank based on these dubious claims.

In a concerning development, Petro Union managed to secure a judgment by presenting an alleged statement of account from the CBN, neglecting the fact that a Central Bank serves as a banker to the government and banks, not to individual companies or persons.

Following these proceedings, both the CBN and Union Bank filed appeals to overturn the judgment, particularly as evidence of fraudulent motives began to emerge during the ongoing criminal prosecution of Petro Union and its executives at the Federal High Court in Lagos.

Additionally, information already presented to the Supreme Court suggests that Petro Union may have obtained the judgments at lower courts by allegedly providing evidence that appears to be based on falsehoods, forgery, misrepresentation of facts, and concealment.

Given Nigeria’s increasing debt profile, many observers are alarmed by the prospect of this additional £15 billion ‘debt’ looming over the nation. They are looking to the Supreme Court to deliver justice in this complex matter.

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DR Congo Stun Portugal with Hard-Fought Draw in FIFA World Cup Opener

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DR Congo Stun Portugal with Hard-Fought Draw in FIFA World Cup Opener—–European giants Portugal were forced to settle for a point after a resilient DR Congo side produced a spirited display in their opening Group K clash at the 2026 FIFA World Cup.

Portugal entered the match as overwhelming favourites, boasting one of the most talented squads in the tournament and carrying expectations of a deep World Cup run. However, DR Congo delivered one of the standout performances of the opening round, battling their way to a hard-earned 1-1 draw and sending a message to the rest of Group K.

From the opening whistle, Portugal dominated possession and attempted to impose their trademark passing game. Midfielders controlled the tempo, circulating the ball patiently as they searched for openings in a well-organized Congolese defense.

Despite Portugal’s territorial dominance, DR Congo remained disciplined. The African side sat compactly, denying space between the lines and forcing Portugal into speculative efforts from distance. Whenever possession was regained, DR Congo transitioned quickly, using their pace and physicality to threaten on the counterattack.

Portugal eventually broke the deadlock after a sustained spell of pressure. The European giants carved open the Congolese defense with a swift attacking move, allowing their forwards to capitalize and put the Seleção ahead. The goal appeared to settle Portugal and many expected them to push on for a comfortable victory.

Instead, DR Congo responded magnificently.

Refusing to panic, the Leopards gradually grew into the game and began committing more bodies forward. Their persistence paid off when they found an equalizer, sparking wild celebrations among their supporters. The goal shifted momentum dramatically and exposed Portugal’s growing frustration.

The second half became increasingly tense as Portugal searched desperately for a winner. Chances came and went, with the Congolese goalkeeper producing several crucial interventions while defenders threw themselves into blocks to preserve the scoreline.

Cristiano Ronaldo remained at the center of Portugal’s attacking efforts, attempting to inspire his side through moments of individual brilliance. However, DR Congo’s defensive structure held firm, limiting clear-cut opportunities and frustrating the Portuguese captain throughout the contest.

As the clock ticked down, Portugal threw numbers forward in search of a decisive breakthrough. The pressure intensified in the closing stages, but DR Congo continued to defend heroically while still posing a threat on the counterattack.

When the final whistle sounded, the contrasting emotions were evident. Portuguese players looked disappointed after dropping points against a team they were expected to beat, while DR Congo celebrated a result that could prove crucial in their quest to reach the knockout rounds.

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Trump and Pezeshkian Finalize Historic Accord to End War and Restore Gulf Shipping

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Trump and Pezeshkian Finalize Historic Accord to End War and Restore Gulf Shipping—-Landmark U.S.-Iran agreement takes effect as both leaders formally endorse a 14-point framework aimed at ending months of conflict, restoring maritime trade, and launching broader diplomatic negotiations.

U.S. President Donald Trump and Iranian President Masoud Pezeshkian have electronically signed the “Islamabad Memorandum,” a historic peace agreement designed to end the conflict between the United States, Israel, and Iran while reopening the strategically vital Strait of Hormuz. Pakistani officials confirmed that the memorandum has entered into effect following the signatures of both leaders.

The agreement, brokered with significant mediation from Pakistan, establishes an immediate halt to military operations and lays out a framework for a broader settlement to be negotiated over the next 60 days. The memorandum also commits both sides to reopening the Strait of Hormuz, one of the world’s most important energy shipping routes, easing concerns over global oil supplies and maritime security.

According to details released by U.S. officials, the 14-point accord includes provisions addressing Iran’s nuclear activities, sanctions relief, maritime security, and economic reconstruction. Iran reportedly reaffirmed that it will not pursue nuclear weapons, while the United States agreed to begin a phased process tied to future negotiations and compliance measures.

The reopening of the Strait of Hormuz is among the most consequential elements of the agreement. The waterway carries a significant share of the world’s oil and gas exports, and its disruption during the conflict contributed to volatility in global energy markets. Officials say commercial shipping will gradually resume under new security arrangements outlined in the memorandum.

While diplomats have hailed the accord as a major breakthrough, officials on all sides acknowledge that substantial challenges remain. The memorandum serves as an interim framework rather than a final peace treaty, with negotiators expected to meet in Switzerland to work toward a comprehensive and binding settlement.

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