EFCC Arraigns Lawyer Over Alleged N1.3bn Forex Fraud In Akwa Ibom

The Uyo, Akwa Ibom State Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned a legal practitioner, Barr. Alexander Uchenna Ozougwu before Justice Sergius Onah of the Federal High Court sitting in Uyo for allegedly defrauding his victims to the tune of N1.3 billion through a bogus foreign exchange investment scheme.

Head of Media and Publicity of the EFCC, Dele Oyewale, speaking on behalf of the anti-graft agency said, ‘The suspect was arraigned on six–count charge bordering on obtaining money by false pretence in contravention of Section 18(2)(d) of the Money laundering (Prevention and Prohibition) Act 2022.

Part of the charges read: “That you Alexander Uchenna Ozogwu, sometime in September 2024 in Nigeria, within the jurisdiction of this Honourable Court, did take possession of the total sum of N268,850,000, through a bank account with account name- STARLIGHT ATTORNEYS, which you knew formed proceeds of an unlawful act to wit: obtaining money by false pretence and thereby committed an offence contrary to Section 18(2)(d) of the Money laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act.

Count two reads, “That you Alexander Uchenna 0zougwu sometime in July, 2024 in Nigeria, within the jurisdiction of this Honorable Court, did take possession of N213,000,000, through a bank account with account name- STARLIGHT ATTORNEYS, which you knew formed proceeds of an unlawful act to wit: obtaining money by false pretence and thereby committed an offence contrary to Section 18(2)(d) of the money laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act.”

The defendant pleaded not guilty to the charges when the charges were read to him.

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In view of his plea, prosecution counsel, Joshua Abolarin prayed the court to remand the defendant at a Correctional Centre and fix a date for trial.

The defence counsel, C. M.Onuchukwu however, quickly informed the court of a bail application which he said was filed on self-recognisance for the defendant, assuring the court that “he shall make himself available for trial.”

After listening to both counsels, Justice Onah granted bail in the sum of N500 million with two sureties in like sum.

The sureties, according to the case file, “must be civil servants of grade level 12 and above, and must have landed properties within the jurisdiction of the court,” the court ruled.

The court also ordered the defendant to deposit his international passport and two recent passport photographs with the court.

LEADERSHIP gathered that Ozougwu was docked on the allegations by four petitioners that he presented himself as a registered Bureau de Change operator with the Central Bank of Nigeria (CBN) through which he earned their trust and collected the passwords to their betting accounts, promising that he was going to help them fund their accounts, but ended up diverting their funds.

Oyewale said, “The defendant was operating a ponzi scheme under the guise of exchanging dollars for his victims and channelling most of the funds to various betting platforms. A total of N1, 323, 850. 000. 00 was discovered to have been diverted from the accounts of the petitioners.”

The judge, however, adjourned the matter to March 31, 2025 for trial.