Anti-graft Commission Arraigns Businessmen For N1.55bn Fraud, Illegal Forex Operations

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Fagite Oladipo and Raymond Akintayo, on charges of fraud and unlawful conversion of N1.55 billion belonging to Ocean Lord Limited.

The EFCC docked Oladipo and Akintayo alongside two companies, Cabota Power Company Limited and Cabota Group Limited, for allegedly defrauding Ocean Lord Limited of N1.5 billion.

The EFCC prosecutor, Suleiman Suleiman, informed the court that the defendants committed the offences between May 2 and May 15, 2025, under the guise of holding a license to transact in foreign exchange.

The defendants, however, pleaded not guilty to the charge.

The defence lawyer, Richard Ahonaruogho, informed the court that he had filed a bail application on behalf of his clients and that it had been served on the prosecution.
In his response, Suleiman requested additional time to respond, as the bail application had been served on him in court.

When Ahonaruogho attempted to make an oral bail application, the court declined, and he requested that the defendants remain in EFCC custody until the bail hearing could be held.
Justice Daniel Osiagor then adjourned the case to December 11 for the hearing of the application and the commencement of the trial. Commencement.

The charges allege that the defendants conspired to commit a felony by obtaining funds under false pretences, violating the 2006 Act on Advance Fee Fraud and Related Offences.

Multiple counts of fraudulent conversion of company funds are involved, with a total of N464 million allegedly converted on May 6, 2025—comprising N85 million, N150 million, N208 million, and N121 million—belonging to Ocean Lord Limited.

These offences are under Sections 383 and 390 of the Criminal Code Act.

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

The counts also include conspiracy to steal N1.55 billion from Ocean Lord Limited between May 2 and May 15, 2025, by falsely claiming to hold a license to deal in foreign exchange, which they knew was false, in violation of Section 8 of the 2006 Act.

The defendants are further accused of fraudulently converting specified amounts—N85 million, N150 million, N208 million, and N121 million—belonging to Ocean Lord Limited on May 6, 2025, under Sections 383 and 390 of the Criminal Code Act.

They are also alleged to have operated a bureau de change without proper authorisation, contrary to Section 57(1) and punishable under Section 57(5)(b) of the 2020 Act.

The charge includes obtaining N1.55 billion through false pretences, in violation of Section 1(3) of the 2006 Act, and conspiring to steal the same amount, in breach of Sections 383 and 390 of the Criminal Code Act.