The Economic and Financial Crimes Commission (EFCC) has arraigned Abdulkarim Muhammad Arome and his company, Cresco Oil and Gas Limited, before the Lagos State High Court in Ikeja over an alleged N336.9 million fraud involving Lotus Bank.
The defendants were arraigned on Monday before Justice O. A. Okunuga on an amended three-count charge bordering on conspiracy, stealing and retention of proceeds of criminal conduct.
According to the EFCC, Arome, an accomplice identified as Peter Daniels Prosper, who is currently at large, and Cresco Oil and Gas Limited allegedly conspired to steal and convert N336,993,863.35 belonging to Lotus Bank between 2022 and 2023.
The defendants pleaded not guilty to the charges.
Following the arraignment, prosecution counsel E. S. Okongwu asked the court to fix a trial date and remand the defendants pending trial, while the defence sought a short adjournment to file bail applications.
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.
