The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on Monday, June 29, 2026, arraigned Abdulkarim Muhammad Arome and his company, Cresco Oil and Gas Limited before Justice O. A. Okunuga of the Lagos State High Court sitting in Ikeja over an alleged N336,993,863.35 (three hundred and thirty-six million, nine hundred and ninety-three thousand, eight hundred and sixty-three naira, thirty-five kobo) fraud involving Lotus Bank.
The defendants were arraigned on an amended three-count charge bordering on conspiracy, stealing, and retention of proceeds of criminal conduct.
According to the charges, the offences are contrary to Sections 409 and 285 of the Criminal Law of Lagos State, 2015, Section 285(1) of the Criminal Law of Lagos State, 2011, and Section 17(a) and (b) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.
Count one reads:
“Abdulkarim Muhammad Arome, Peter Daniels Prosper, (at large) and Cresco Oil and Gas Limited sometime 2022 at Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to Steal money, property of Lotus Bank”.
Count two reads:
“Abdulkarim Muhammad Arome, Peter Daniels Prosper and Cresco Oil and Gas Limited sometime between 2022 and 2023, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use an aggregate sum of N336.993,863.35 (Three hundred and thirty-six million, nine hundred and ninety-three thousand eight hundred and sixty-three Naira, thirty-five Kobo), property of Lotus Bank”.
The defendants pleaded not guilty to all the charges when they were read to them.
Following the arraignment, prosecuting counsel, E. S. Okongwu, asked the court for a trial date and urged that the defendants be remanded in a Correctional facility pending the commencement of trial.
Defence counsel informed the court that she intended to file bail applications and prayed for a short adjournment to enable the applications to be heard.
Justice Okunuga ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the case until October 7, 2026, for the commencement of trial.
