The Economic and Financial Crimes Commission, EFCC, Port Harcourt Zonal Directorate, on Tuesday, arraigned Ugochukwu Joseph Nwaemere, Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court sitting in Port Harcourt, Rivers State.

Nwaemere was arraigned on a 10-count charge bordering on conspiracy, forgery, and obtaining money under false pretense to the tune of N750 million.

One of the counts reads:

“That you, Ugochukwu Joseph Nwaemere, being the Managing Director/Chief Executive Officer of Pennhydro-Pell Oil & Gas Limited, and Osaogba Christian Izuchukwu (now at large), on or about April 17, 2023, in Port Harcourt, Rivers State, obtained the sum of N750,000,000 from Polaris Bank Limited under the false pretense of executing a contract for dredging and stockpiling 100,000 tonnes of sharp sand for the ongoing Bodo-Bonny Road Project, a claim you knew to be false…”

The defendant pleaded not guilty to all the charges.

Prosecuting counsel, C. Okorie, asked the court for a trial date, while defense counsel, U.C. Ngeleoka, applied for bail on behalf of the defendant.

Justice Obile ordered Nwaemere to be remanded at the Port Harcourt Correctional Centre and adjourned the matter till June 21, 2025, for ruling on the bail application.

Nwaemere’s arraignment followed a petition alleging that he and a co-conspirator, now at large, secured a loan from Polaris Bank under false pretense. The loan was allegedly obtained using forged documents, including an invoice purportedly cleared by Julius Berger Nigeria Plc, to support claims of a contract that never existed.

Investigations revealed that the N750 million loan was disbursed, but efforts to recover the funds have since failed.