EFCC Arraigns Two Businessmen Over Alleged N1.55bn Fraud, Illegal Forex Dealings

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Dr. Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, before the Federal High Court in Lagos over allegations of fraud and unlawful conversion of N1.55 billion belonging to Ocean Lord Limited.

The defendants were arraigned alongside two companies—Cabota Power Company Limited and Cabota Group Limited—on an eight-count charge bordering on obtaining money under false pretences, fraudulent conversion, conspiracy to commit felony, and operating a financial institution without a licence.

According to the EFCC, the defendants allegedly defrauded Ocean Lord Limited of N1.55 billion between May 2 and May 15, 2025, under the pretext of possessing a valid licence to transact in foreign exchange.

Prosecuting counsel Suleiman Suleiman informed the court that the defendants had been served with the charges and requested that they be read to them. The two businessmen pleaded not guilty to all counts.

Defence counsel, Chief (Dr.) Richard Oma Ahonaruogho, told the court that the defence had filed a bail application but noted that the prosecution had only just received it. Suleiman requested more time to file a response.

Attempts by Ahonaruogho to move an oral bail application were rejected by the court, prompting him to request that his clients remain in EFCC custody pending the determination of the formal bail application.

Justice Daniel Osiagor adjourned the matter to December 11, 2025, for the hearing of the bail application and the commencement of trial.

The EFCC alleges that on May 6, 2025, the defendants fraudulently converted four sums—N85 million, N150 million, N208 million, and N121 million—totalling N464 million, all belonging to Ocean Lord Limited. These offences violate Sections 383 and 390 of the Criminal Code Act.

They are further accused of obtaining N1.55 billion under false pretences and conspiring to steal the same amount, contrary to the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Additionally, the defendants allegedly operated as a bureau de change without authorisation from the Central Bank of Nigeria (CBN), an offence under Section 57 of the Banks and Other Financial Institutions Act, 2020.