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Lagos Court Hears Case Against Businessmen Over Massive Fraud And Illegal Currency Operations.
The Economic and Financial Crimes Commission (EFCC) has arraigned two businessmen, Dr. Fagite Oladipo and Raymond Akintayo, before the Federal High Court in Lagos over allegations of conspiracy, fraud, and the unlawful conversion of N1.55 billion.....KINDLY READ THE FULL STORY HERE▶
According to court documents, the funds were allegedly obtained from Ocean Lord Limited under the pretext of holding a legitimate foreign exchange licence. Alongside the individuals, the EFCC also arraigned two companies, Cabota Power Company Limited and Cabota Group Limited, facing an eight-count charge relating to activities that reportedly took place between May 2 and May 15, 2025.
At the commencement of proceedings, the EFCC requested that the charges be read to the defendants, allowing them to enter their plea. Both Oladipo and Akintayo pleaded not guilty to all counts.
The charges, as outlined before Justice Daniel Osiagor, allege that the defendants conspired to obtain N1.55 billion under false pretences, claiming to possess a foreign exchange transaction licence that did not exist. The EFCC stated that these actions breach Section 8 and are punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The anti-graft agency further accused the defendants of fraudulently converting N464 million belonging to Ocean Lord Limited on May 6, 2025, in four separate transactions of N85 million, N150 million, N208 million, and N121 million, in violation of Sections 383 and 390 of the Criminal Code Act.
In addition, Oladipo and Akintayo were charged with operating a financial institution without proper authorisation, as they allegedly conducted bureau de change operations without a licence from the Central Bank of Nigeria (CBN), contrary to Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Following their not guilty plea, the defence counsel, Chief (Dr) Richard Oma Ahonaruogho, SAN, informed the court that a formal bail application had been filed. EFCC prosecutor Mr. Suleiman requested additional time to prepare a counter-affidavit, noting that the bail documents had just been received.
When the defence sought an oral bail hearing, Justice Osiagor declined, citing procedural requirements. The court granted a request for the defendants to remain in EFCC custody pending the formal bail hearing. The matter was adjourned to December 11, 2025, for the hearing of the bail application.
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Nigeria Cleric Egbaji Regains Freedom After Two Years in Detention, FG Commended.
Bamidele Kehinde, Director of Dynamic Ambassadors for Social Orientation Initiatives and the City Transformation Project, has expressed appreciation to the Federal Government of Nigeria for its efforts in securing the release of Pastor Benjamin Egbaji, who was reportedly held in detention in the Republic of Benin for over two years under difficult conditions.....KINDLY READ THE FULL STORY HERE▶
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Recruitment Drama: 360,923 Candidates Fail Paramilitary Selection Process.
The Civil Defence, Correctional, Fire, and Immigration Services Board (CDCFIB) has provided an update on its ongoing nationwide recruitment exercise.....KINDLY READ THE FULL STORY HERE▶
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The Nigerian Air Force (NAF) has confirmed that its Air Component of Operation HADIN KAI conducted precise airstrikes in the Yuwe axis of the Sambisa Forest, resulting in the elimination of several terrorist elements on Monday.....KINDLY READ THE FULL STORY HERE▶
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