EFCC Arraigns Two Businessmen Over ₦1.55 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, over allegations of fraud and unlawful conversion of ₦1,550,000,000 belonging to Ocean Lord Limited.

Naija News learnt that the defendants, along with two corporate entities, Cabota Power Company Limited and Cabota Group Limited, were accused of defrauding Ocean Lord Limited of over ₦1.5 billion between May 2 and May 15, 2025, under the pretence of holding a licence to transact in foreign exchange.

The defendants allegedly conspired to commit a felony by obtaining funds under false pretences, in violation of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

On May 6, 2025, they allegedly converted a total of ₦464 million, broken down as ₦85 million, ₦150 million, ₦208 million, and ₦121 million, belonging to Ocean Lord Limited.

During the arraignment, EFCC prosecutor, Suleiman Suleiman informed the court that an eight-count charge had been filed against the defendants and requested that the charges be read to them.

Upon reading the charges, the defendants pleaded not guilty to all counts, and their counsel, Richard Oma Ahonaruogho, informed the court that a bail application had been filed and served on the prosecution.

However, the EFCC prosecutor requested additional time to respond, noting that the bail application had only just been served.

Ahonaruogho also sought to make an oral bail application, but the court declined the request and urged the defendants to remain in EFCC custody pending the hearing of the bail application.

Justice Daniel Osiagor adjourned the matter till December 11, 2025, for the hearing of the bail application and the commencement of the trial.

Additionally, the defendants are charged with operating a financial institution, specifically a bureau de change, without a valid licence from the Central Bank of Nigeria (CBN), contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The counts include allegations that between May 2 and May 15, 2025, the defendants conspired to commit a felony by obtaining ₦1,550,000,000 from Ocean Lord Limited under the false pretence of holding a licence to deal in foreign exchange, knowing this to be untrue, contrary to Section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The defendants were also accused of fraudulently converting to their own use ₦85 million, ₦150 million, ₦208 million, and ₦121 million belonging to Ocean Lord Limited on May 6, 2025, contrary to Section 383 and punishable under Section 390 of the Criminal Code Act.

Source: Naijanews