Two businessmen, firms, arraign over alleged N1.55bn fraud, illegal forex operations
By Onyewuchi Ojinnaka
Two businessmen, Dr. Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, were on Wednesday arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent and unlawful conversion of N1,550,000,000 (One Billion, Five Hundred and Fifty Million Naira), belonging to Ocean Lord Limited.
The defendants, along with two corporate entities, Cabota Power Company Limited and Cabota Group Limited, arraigned before Justice Daniel Osiagor of a Federal High Court sitting in Lagos are accused of defrauding Ocean Lord Limited of over N1.55 billion between May 2 and 15, 2025, under the pretence of holding a licence to transact in foreign exchange.
During the arraignment, EFCC prosecutor Suleiman Ibrahim Suleiman informed the court that an eight-count charge had been filed against the defendants.
He requested that the charge be read to defendants for them to take a plea. Upon the reading of the charge, the defendants pleaded not guilty to all counts.
The defendants’ counsel, Chief (Dr.) Richard Oma Ahonaruogho (SAN), informed the court that a bail application had been filed and served on the prosecution.
In response, the EFCC prosecutor requested for additional time to respond, noting that the bail application had only just been served.
When Ahonaruogho sought to make an oral application for bail, the court declined the request, and he then urged that the defendants remain in EFCC custody pending the hearing of the bail application.
Justice Daniel Osiagor while allowing the defendants to remain in EFCC custody as requested by defence counsel, adjourned the matter till December 11, 2025, for the hearing of the bail application and commencement of trial.
According to the charge, it is alleged that the defendants conspired to commit a felony by obtaining funds under false pretences, thereby violated the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
They face multiple counts of fraudulent conversion of company funds.
On May 6, 2025, they allegedly converted a total of N464 million in tranches of N85 million, N150 million, N208 million, and N121 million, all belonging to Ocean Lord Limited.
These offenses are cited under Sections 383 and 390 of the Criminal Code Act.
Furthermore, the defendants are charged with operating a financial institution, specifically a Bureau de Change, without a valid licence from the Central Bank of Nigeria (CBN), contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The counts include allegations that between May 2 and 15, 2025, the defendants conspired to commit a felony by obtaining N1,550,000,000 from Ocean Lord Limited under the false pretence of holding a licence to deal in foreign exchange, knowing this to be false, contrary to Section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
They are also accused of fraudulently converting to their own use sums of N85 million, N150 million, N208 million, and N121 million belonging to Ocean Lord Limited on May 6, 2025, contrary to Section 383 and punishable under Section 390 of the Criminal Code Act.
Besides, the defendants are alleged to have carried on the business of a financial institution (Bureau de Change) without a valid licence issued by the Central Bank of Nigeria, contrary to Section 57(1) and punishable under Section 57(5)(b) of the Banks and Other Financial Institutions Act, 2020.
They are also charged with obtaining the sum of N1,550,000,000 under false pretences, contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and conspired to steal the same sum, contrary to Section 383 and punishable under Section 390 of the Criminal Code Act.
