Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, has 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 fraud involving Lotus Bank. The defendants were arraigned on Monday, June 29, 2026, 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 of the charge reads that Abdulkarim Muhammad Arome, Peter Daniels Prosper, who is currently at large, and Cresco Oil and Gas Limited, sometime in 2022 at Lagos, conspired amongst themselves to steal money, property of Lotus Bank. Count two reads that the defendants, sometime between 2022 and 2023, in Lagos, dishonestly converted to their own use an aggregate sum of N336,993,863.35, 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.
Investigations by the EFCC revealed that Arome, alongside an accomplice identified as Peter Daniels Prosper, who is currently at large, and Cresco Oil and Gas Limited, allegedly conspired to steal and convert funds belonging to Lotus Bank between 2022 and 2023. According to a report by P.M. News, Arome was a staff member in the Financial Control Department of Lotus Bank. A comprehensive review from January 2023 to May 2024 uncovered fraudulent activities by Abdulkarim Arome Mohammed, who allegedly abused his system access privileges and fraudulently allocated profits belonging to customers to several unauthorised accounts, including those of his wife, Khadijah Aliyu Shuaib, Peter Daniel, and Emmanuel Ocheja Odogwu. Upon discovering the fraud, Lotus Bank alerted the Nigeria Inter-Bank Settlement System (NIBSS), leading to the involvement of the EFCC.
The charges against Arome and his company are part of a broader crackdown on financial crimes in Nigeria's banking sector. The EFCC has intensified efforts to investigate and prosecute individuals and entities involved in fraudulent activities that undermine the integrity of the country's financial system.
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