Court Remands Couple, 6 Others For Alleged N710m Fraud

Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos has remanded a couple, Obinyan Osenonome and his wife, Esther, along with six others, in the custody of the Ikoyi Correctional Centre over an alleged N710 million financial fraud.

The couple and their co-defendants, Elvis Eghile, Egharevba Osarieyekemwen, Precious Irbhogbe, Aghatise Uhumenkpoewan, Nweke Emmanuel and Egharevba Osagioduwa were arraigned before the court by operatives of the Police Special Fraud Unit (PSFU).

They were docked on a 12-count amended charge of conspiracy, fraudulent conversion of funds, concealment of the source of funds and other alleged financial crimes.

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The prosecutor, Momoh Yakubu, a Chief Superintendent of Police, told the court the alleged offences were committed on or about June 16, 2026, in Lagos, within the court’s jurisdiction.

Yakubu told the judge that the defendants and others still at large conspired to fraudulently convert N710 million belonging to ETF Nigeria Ltd/Grey Star Capital by acquiring and concealing the funds, knowing or having reasonable grounds to believe that they represented proceeds of unlawful activity.

The prosecutor also alleged that Osenonome and others obtained the N710 million through different beneficiaries’ accounts under the pretence that the money would be used as proof of funds, placed under lien and subsequently returned with interest.

Osenonome was further accused of acquiring the funds through private accounts and forged documents, despite allegedly knowing or having reason to believe that the money represented proceeds of unlawful activity.

The prosecution also alleged that he uttered or altered proof-of-funds documents, including signatures, indemnity documents and Post-No-Debit documents, intending that they be acted upon as genuine.

The police further alleged that Esther Osenonome and Nnamdi Emmanuel Nweke acquired and took possession of N263 million and N279.7 million respectively, being parts of the alleged proceeds.

Other counts relate to various sums allegedly received, concealed or disguised through accounts linked to the defendants.

Aghatise was accused of acquiring N90 million, while Egharevba Emmanuel Osagioduwa was alleged to have acquired and concealed N95 million.

Eghile and Egharevba Maryjane were accused of concealing and disguising the origin of N85 million and N93 million, respectively, while Precious Irbhogbe was alleged to have acquired and taken possession of N87 million.

The alleged offences, according to the prosecution, contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Miscellaneous Offences Act.

All eight defendants pleaded not guilty to the amended charges.

After their pleas were taken, Yakubu urged the court to fix a trial date and remand the defendants pending determination of the case.

Counsel to the defendants, however, asked the court for a short date to enable them to file and argue their respective bail applications.

Justice Lewis-Allagoa subsequently adjourned the case until October 13, 2026, for hearing of the bail applications.