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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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BREAKING: Declan Rice Fires Late Equaliser as Arsenal Hold Bayern Munich at Allianz Arena

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BREAKING: Declan Rice Fires Late Equaliser as Arsenal Hold Bayern Munich at Allianz Arena—-The England midfielder struck in the 82nd minute to earn Arsenal a dramatic 2-2 draw against Bayern Munich after Harry Kane had put the German champions ahead from the penalty spot.

Arsenal produced a spirited late comeback to secure a 2-2 draw against Bayern Munich at the Allianz Arena on Wednesday night, with Declan Rice scoring a crucial equaliser in the 82nd minute of their UEFA Champions League encounter.

The Gunners looked set to suffer their first defeat of the league phase after Harry Kane converted a second-half penalty to give Bayern the lead. However, Rice delivered a timely response to ensure Mikel Arteta’s side left Germany with a valuable point.

Eze Gives Arsenal the Lead

Arsenal suffered an early setback when Bukayo Saka was forced off with an injury after approximately 10 minutes.

Eberechi Eze replaced the England winger and made an immediate impact, opening the scoring in the 25th minute after receiving a superb pass from Martin Ødegaard.

Eze drove forward before firing into the bottom corner. The goal was initially ruled out for offside, but a VAR review confirmed the effort, giving Arsenal a 1-0 advantage.

Bayern responded through Alphonso Davies, who levelled the contest in the 35th minute after a brilliant through ball from Kane.

Kane Puts Bayern Ahead

The contest remained finely balanced after the interval, with both goalkeepers making important saves to keep their teams in the game.

Bayern eventually took the lead in the 61st minute when Kane converted a penalty after Jurriën Timber handled the ball inside the area.

The former Tottenham striker calmly dispatched the spot kick, putting the hosts 2-1 ahead and leaving Arsenal facing the prospect of defeat.

Kane’s goal also extended his remarkable scoring run in the Champions League to 10 consecutive matches.

Rice Rescues a Point for Arsenal

With time running out, Arsenal found their breakthrough through a well-worked attacking move.

Noni Madueke and Viktor Gyökeres combined in the build-up before Rice surged into the penalty area and fired a low finish beyond Manuel Neuer from an acute angle.

The 82nd-minute strike restored parity at 2-2 and silenced the home crowd, giving Arsenal renewed belief as they pushed for a late winner.

Despite further pressure from the visitors, neither side managed to find another goal, and the points were shared.

Arsenal Maintain Unbeaten Champions League Run

The draw extended Arsenal’s unbeaten run in the Champions League league phase and took their tally to seven points from three matches, following victories over Napoli and Lille.

Bayern, meanwhile, were left frustrated after surrendering their lead late in the contest.

For Arsenal, Rice’s equaliser represented a significant moment in a demanding away fixture, while Eze’s contribution after replacing the injured Saka provided another positive from the encounter.

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BREAKING: Como Humble Manchester United 4-1 At Stadio Giuseppe Sinigaglia, as Nico Paz Hits Brace in Champions League Rout

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BREAKING: Como Humble Manchester United 4-1 At Stadio Giuseppe Sinigaglia, as Nico Paz Hits Brace in Champions League Rout—–Nico Paz scored twice and provided an assist as Champions League newcomers Como produced a stunning performance to dismantle Manchester United in Italy.

Como delivered a memorable European night on Wednesday, October 21, 2026, thrashing Manchester United 4–1 in the UEFA Champions League as Nico Paz inspired the Italian side to a commanding victory.

The Argentine midfielder scored twice and assisted another goal, helping Cesc Fàbregas’ team overwhelm Michael Carrick’s visitors at the Stadio Giuseppe Sinigaglia.

Manchester United struggled to contain Como’s attacking movement throughout the encounter, with the hosts establishing control early and extending their advantage after the break.

Nico Paz Strikes Early

Como needed just two minutes to take the lead through Paz, who collected a pass from Lucas da Cunha before curling a left-footed effort into the far corner.

The early goal gave the hosts momentum, while United struggled to establish a foothold in the contest.

Despite having opportunities to respond, the visitors failed to find an equaliser before halftime, allowing Como to carry their advantage into the break.

Paz Turns Provider as Como Extend Their Lead

Como doubled their advantage four minutes into the second half when Paz delivered a perfectly weighted through ball for Anastasios Douvikas.

The Greek forward broke through the United defence and finished past the advancing goalkeeper to make it 2–0 in the 49th minute.

Paz then produced another decisive moment eight minutes later. After capitalising on a misplaced pass from Carlos Baleba, the Argentine surged forward and finished confidently to complete his brace and put Como 3–0 ahead.

His performance left United facing an increasingly difficult task as the hosts continued to threaten.

Jacobo Ramón Adds the Fourth

Como added a fourth goal in the 76th minute through defender Jacobo Ramón.

Substitute Kaiki Bruno drove forward down the left before delivering a cross that Ramón headed beyond United goalkeeper Senne Lammens.

The goal capped an impressive attacking display from the home side and underlined the visitors’ defensive struggles.

Zirkzee Scores Late Consolation

Manchester United eventually found the net in stoppage time when Joshua Zirkzee converted a cross from Amad Diallo in the 90th minute, reducing the deficit to 4–1.

However, the late goal did little to change the outcome, as Como comfortably saw out the remaining minutes to secure an emphatic victory.

A Night to Remember for Como

The result marked a major European achievement for Como, whose Champions League campaign has brought the club onto one of football’s biggest stages.

For Paz, the performance was particularly memorable, with his two goals and assist making him the central figure in the victory.

Manchester United, meanwhile, were left to reflect on a difficult night in Italy after being outplayed by a Como side that combined clinical finishing with effective attacking football.

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