The Economic and Financial Crimes Commission, EFCC, Port Harcourt Zonal Directorate, on Tuesday, arraigned Ugochukwu Joseph Nwaemere, Executive Director of Pennhydro-Pell Oil and Gas Limited, before Justice E.A. Obile of the Federal High Court sitting in Port Harcourt, Rivers State.

Nwaemere was arraigned on a 10-count charge bordering on conspiracy, forgery, and obtaining money under false pretence to the tune of N750 million.

One of the counts reads:

“That you, Ugochukwu Joseph Nwaemere, being the Managing Director/Chief Executive Officer of Pennhydro-Pell Oil & Gas Limited, and Osaogba Christian Izuchukwu (now at large), on or about April 17, 2023, in Port Harcourt, Rivers State, obtained the sum of N750,000,000 from Polaris Bank Limited under the false pretence of executing a contract for dredging and stockpiling 100,000 tonnes of sharp sand for the ongoing Bodo-Bonny Road Project, a claim you knew to be false…”

The defendant pleaded not guilty to all the charges.

Prosecuting counsel, C. Okorie, asked the court for a trial date, while defence counsel, U.C. Ngeleoka, applied for bail on behalf of the defendant.

Justice Obile ordered Nwaemere to be remanded at the Port Harcourt Correctional Centre and adjourned the matter till June 21, 2025, for ruling on the bail application.

Nwaemere’s arraignment followed a petition alleging that he and a co-conspirator, now at large, secured a loan from Polaris Bank under false pretence. The loan was allegedly obtained using forged documents, including an invoice purportedly cleared by Julius Berger Nigeria Plc, to support claims of a contract that never existed.

Investigations revealed that the N750 million loan was disbursed, but efforts to recover the funds have since failed.

The Commissioner of Police *CP Ikioye Orutugu fwc MNIPS PhD* on 17th June 2025 visited Police Mobile Force 29 Squadron, Amansea, Awka, to condole the family members and Officers and men of the Squadron over the sad incident of the loss of Inspector Okolie Amechi and bullet injury to one of his sons.

The *CP* during the visit described the Police Mobile Force as his Alma mater and reminded the Officers of the importance of adhering to Police Operational Protocol, especially in their line of duty. He emphasized the need for teamwork and encouraged the personnel to remain focused and dedicated to their duties, despite the loss.

On the entourage of the CP include: the three Assistant Commissioners of Police of the Departments – (Administration, Investigation and Operations) and other senior officers.

CP Orutugu’s visit to the Police Mobile Squadron at Amansea demonstrates his commitment to the welfare and morale of personnel of the Command. He also supported the deceased’s family with a welfare package and prayed for the quick recovery of the injured son who is currently receiving attention in the hospital.

The Corporate Affairs Commission, CAC, has announced a review of its service fees, scheduled to take effect from August 1, 2025.

Ekwutosblog learnt that the review followed a thorough evaluation of current economic conditions, rising operational costs, and consultations with key stakeholders across relevant sectors by the Commission.

The adjustments affect services provided to companies, business names, limited partnerships, and incorporated trustees, including post-incorporation filings and other regulatory services.

A comprehensive list of the new fees is available on the CAC website.

The adjustment is reportedly aimed at improving service delivery through enhanced digital operations.