EFCC Arraigns Man, Firm for Alleged N190 Million Theft

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, has arraigned a man, Samson Davies, and his company, Signature Advisory Limited, before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, over an alleged theft of N190,791,494 (One Hundred and Ninety Million, Seven Hundred and Ninety-One Thousand, Four Hundred and Ninety-Four Naira).

According to the one-count charge brought against the defendants, Davies and his firm allegedly dishonestly converted funds belonging to Ronchess Global Resources Plc to their personal use between October 2022 and October 2023.

The charge reads:
“That you, Samson Davies and Signature Advisory Limited, sometime between October 2022 and October 2023, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the aggregate sum of N190,791,494, property of Ronchess Global Resources Plc.”

Davies pleaded “not guilty” when the charge was read in court.

Prosecuting counsel, C.C. Okezie, requested the court to fix a date for the commencement of trial and prayed for the remand of the defendant in a correctional centre pending the determination of the case.

Defence counsel, Ifeoma Esom, however, informed the court that a bail application had already been filed and urged the judge to grant bail on liberal terms.

Justice Dada granted bail in the sum of N50 million, with two sureties in like sum. One of the sureties must own landed property within Lagos State, and both must present evidence of tax clearance. The defendant was also ordered to submit his international passport to the court.

Pending the fulfillment of his bail conditions, the judge ordered that Davies be remanded at the Nigerian Correctional Facility.

The case was adjourned to July 7, 2025, for the commencement of trial.