AGF leads senior lawyers in £15b Petro Union fraud case
Attorney General Lateef Fagbemi (SAN) leads a high-powered legal team to the Supreme Court to defend Nigeria against Petro Union Oil and Gas Limited’s controversial £2.556 billion judgment claim, amid fraud allegations uncovered by the EFCC.
Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has led a high-powered team of senior lawyers to the Supreme Court in defense of the Federal Government against Petro Union Oil and Gas Limited’s controversial £2.556 billion judgment claim. This marks the first time the government has engaged representation at such a senior level in the case, underscoring its commitment to safeguarding Nigeria from potential financial fraud.
The case stems from a 2014 judgment of the Federal High Court in Abuja, which ordered the Central Bank of Nigeria (CBN), Union Bank of Nigeria, the Minister of Finance, and the Attorney-General to jointly pay Petro Union the sum, along with a 15% annual interest. However, investigations by the Economic and Financial Crimes Commission (EFCC) have since raised serious allegations that the company obtained the judgment using a fraudulent Barclays Bank UK cheque linked to an account that had been closed five years before it was presented.
As a result, Petro Union’s directors—Prince Kingsley Okpala, Prince Chidi Okpalaeze, Prince Emmanuel Okpalaeze, and Abayomi Kukoyi (trading as Gladstone Kukoyi & Associates)—are currently facing a 13-count charge of conspiracy, forgery, and fraud before Justice Chukwujekwu Aneke of the Federal High Court in Lagos.
Fagbemi’s intervention at the Supreme Court signals the Federal Government’s firm stance against financial misconduct and its determination to overturn the contentious ruling, which poses significant financial risks to the nation.
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