EFCC Arraigns Businessman Over $500,000 Fraud Allegation

The Economic and Financial Crimes Commission (EFCC) has dragged one Ndubisi Kenechukwu Ugonna before Justice E. Okpe of the Federal Capital Territory High Court, Gudu, Abuja, over an alleged $500,000 fraud.

Ugonna is facing a one-count charge bordering on advance fee fraud and obtaining by false pretence. According to the charge, he allegedly duped one Kofoworola Olagunju of the sum of Five Hundred Thousand United States Dollars under the guise of having the capacity to invest in global security on Olagunju’s behalf. Investigators say the purported investment scheme was fictitious and known to be false by the defendant.

The charge reads in part: “That you, Ndubisi Kenechukwu Ugonna, sometime in 2020 in Abuja, within the jurisdiction of this Honourable Court, with intent to defraud, did obtain the total sum of $500,000 from one Kofoworola Olagunju under the false pretence that you had capacity to invest in global security on his behalf and that the investment business was genuine, which pretence you knew to be false…”

He pleaded not guilty to the charge. Following his plea, prosecution counsel, Joshua Saidi, requested the court to fix a trial date and remand the defendant in a correctional centre. However, defence counsel urged the court to consider his client’s bail application and prayed that he be held in EFCC custody pending hearing.

Justice Okpe adjourned the matter to September 25, 2025, for hearing on the bail application and ordered that the defendant be remanded at the Kuje Correctional Centre in the interim.