The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of Cresco Oil and Gas Limited, Abdulkarim Muhammad Arome, alongside the company, before the Lagos State High Court in Ikeja over an alleged N336,993,863.35 fraud involving Lotus Bank.
The defendants appeared before Justice O. A. Okunuga on Monday, June 29, 2026, where they faced an amended three-count charge bordering on conspiracy, stealing, and the retention of proceeds of alleged criminal conduct.
According to the EFCC, the offences are said to contravene Sections 409 and 285 of the Criminal Law of Lagos State, 2015, Section 285(1) of the Criminal Law of Lagos State, 2011, as well as Sections 17(a) and (b) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.
One of the charges alleges that Arome, alongside Peter Daniels Prosper, who is currently at large, and Cresco Oil and Gas Limited conspired in 2022 to unlawfully steal funds belonging to Lotus Bank.
The anti-graft agency further alleged that between 2022 and 2023, the defendants dishonestly converted N336,993,863.35 belonging to the bank for their personal use.
When the charges were read in court, Arome and the company pleaded not guilty.
Following the plea, EFCC prosecuting counsel, E. S. Okongwu, requested that the court fix a date for trial and remand the defendants in a correctional facility pending the commencement of proceedings.
In response, defence counsel informed the court of plans to file bail applications and sought a brief adjournment to allow the applications to be heard.
Justice Okunuga subsequently ordered that the defendants be remanded at the Ikoyi Correctional Centre and adjourned the matter until October 7, 2026, when trial is expected to begin.
