EFCC Arraigns Alleged Serial Fraudster Over N1.8bn Forex Scam In Lagos

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned an alleged serial fraudster, Titilayo Eboh, before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, over an alleged N1.87 billion foreign exchange fraud.

Eboh was docked by the Lagos Zonal Directorate 2 of the anti-graft agency alongside Chayomi Aluminium Limited and one Abubakar Funtua, who is currently at large. The defendants are facing a three-count charge bordering on conspiracy, stealing and obtaining money by false pretence.

According to the EFCC, the defendants allegedly defrauded two businessmen, Olamayowa Abdulwasiu Olabisi and Adekanmi Adedire of Himark Intertrades Limited, of a cumulative sum of N1,871,220,000 under the guise of providing the United States dollar equivalent for foreign exchange transactions.

The prosecution told the court that the alleged offence took place between December 2, 2020, and January 25, 2021, in Lagos. The defendants were said to have promised to exchange the funds for dollars at the rate of N420 per dollar, a representation the EFCC said they knew to be false.

One of the charges states that the defendants conspired with the intent to defraud and obtained the sum from the victims under the false claim that they had the corresponding dollars available for the transaction.

When the charges were read in court, Eboh pleaded not guilty.

Following her plea, prosecution counsel, Nnaemeka Omenwa, asked the court to fix a trial date and also requested that the defendant be remanded in an appropriate correctional facility pending the commencement of trial.

Omenwa informed the court that the defence had earlier forwarded a bail application linked to a related case involving the defendant before another judge. He, however, said he required clarification from the defence counsel before filing his response.

Responding, defence counsel Emefo Etudo told the court that he was not involved in the matter before the other judge and asked for one hour to provide a hard copy of the bail application. He also requested multiple trial dates but urged the court to give an earlier date for the hearing of the bail application.

After listening to both parties, Justice Dada adjourned the hearing of the bail application to March 24, 2026, and fixed May 4, 2026, for the commencement of trial.