Ugochukwu Joseph Nwaemere, the Executive Director of Pennhydro-Pell Oil & Gas Limited, has been arraigned before the Federal High Court in Port Harcourt for allegedly defrauding Polaris Bank of N750 million through forgery and false pretenses.
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According to the Economic and Financial Crimes Commission (EFCC), Nwaemere was brought before Justice E.A. Obile on Tuesday, June 17, 2025, facing a 10-count charge involving conspiracy, forgery, and fraud. He is accused of obtaining the loan using a fake contract purportedly linked to Julius Berger Nigeria Plc.
The EFCC alleges that on April 17, 2023, Nwaemere and his associate—now at large—presented a false proposal to Polaris Bank, claiming they had secured a contract for dredging and stock-piling 100,000 tonnes of sharp sand for the Bodo-Bonny Road Project.
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To support the claim, the defendants reportedly forged an invoice (No: 142 dated November 29, 2022) allegedly issued by Julius Berger.
“All attempts by Polaris Bank to recover the loan have failed,” the EFCC said in its court filing.
Nwaemere pleaded not guilty. His lawyer, U.C. Ngeleoka, applied for bail, while the prosecution requested a trial date. Justice Obile ordered his remand at the Port Harcourt Correctional Center until June 21, 2025, for a bail hearing.
The EFCC revealed the arrest stemmed from a petition alleging fraudulent dealings involving forged documents and misrepresentation of contract awards.
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Investigations confirmed the documents were fabricated to deceive Polaris Bank into disbursing the hefty loan.
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