N2.04bn Railway Scam: EFCC Arraigns Three NRC Directors for Alleged Fraud, Money Laundering In Lagos

The Economic and Financial Crimes Commission (EFCC) on Wednesday, February 25, 2026, arraigned three senior officials of the Nigerian Railway Corporation (NRC) before the Lagos State High Court sitting in Ikeja over alleged fraud, corruption and money laundering offences amounting to over N2.04 billion.

The defendants — Felix Njoku, a former Director of Finance of the NRC; Benjamin Chinwuba Iloanusi, currently Director in the Procurement Department; and Oche Jerry Ogbole-Inalegwu, Director of Mechanical — were docked before different judges of the Special Offences Courts in Ikeja on separate charges bordering on abuse of office, unlawful enrichment and corruption by public officials.

Njoku Faces 17-Count Charge Over N736m
Njoku was arraigned before Justice Olubunmi Abike-Fadipe on a 17-count charge involving an alleged N736,320,807.08 fraud.

According to the EFCC, Njoku, trading under the name FC Njoku and Company after leaving office as Director of Finance, allegedly received N240,940,000.00 from contractors of the NRC between January 2 and December 3, 2024. The funds were said to have been paid into a Zenith Bank Plc account linked to his company in connection with contracts awarded during his tenure.

The anti-graft agency described the transactions as unlawful enrichment tied to his former official position.

Iloanusi Arraigned Over N915m Alleged Fraud
Iloanusi was arraigned before Justice Ismail Ijelu on a 10-count charge involving an alleged N915,265,472.60 fraud.

One of the charges states that while serving as Director of Procurement between January 4 and December 30, 2022, he allegedly received N160,930,458.04 from NRC contractors through accounts domiciled in Polaris Bank Plc. The payments were said to be connected to contracts awarded during the discharge of his official duties.

Ogbole Docked Over N395m Allegations
Ogbole-Inalegwu was arraigned before Justice Mojisola Dada on a nine-count charge involving an alleged N395,190,600.00 fraud.
The EFCC alleged that while serving as Railway District Manager and operating under Altech Engineering Services between February 12 and October 29, 2019, he received N11,397,500.00 from China Civil Engineering Construction Company (CCECC), a contractor of the NRC. The payment was allegedly made through an Access Bank Plc account in connection with contracts awarded during his official duties.

Not Guilty Pleas, Bail Rulings
All three defendants pleaded “not guilty” to the charges.

Prosecution counsel, Abba Muhammad, SAN, requested trial dates and urged the courts to remand the defendants in correctional facilities pending trial, noting that the prosecution intended to address aspects of the bail applications on points of law.
Defence counsel, Mordecai Adejo, informed the courts that bail applications had been filed and served, urging that the defendants be allowed to continue enjoying the administrative bail earlier granted by the EFCC.

Justice Abike-Fadipe granted Njoku temporary release on health grounds, ordering him to deposit his international passport with the court and report to the EFCC Lagos Directorate 1 office every Monday and Friday. The matter was adjourned to March 10, 2026, for hearing of the bail application and May 11, 12, 18 and 19, 2026, for commencement of trial.

Justice Ijelu remanded Iloanusi in a correctional centre and adjourned the case till March 3, 2026, for hearing of his bail application and commencement of trial.

Justice Dada allowed Ogbole-Inalegwu to continue enjoying the administrative bail earlier granted by the EFCC and adjourned the case till April 23, 2026, for hearing.
The alleged offences contravene Sections 332(1) and 332(3), Section 73(1), and Section 82(c) of the Criminal Law of Lagos State, 2011.