EFCC Arraigns Businesswoman Over Alleged N1.8bn Forex Fraud
The Economic and Financial Crimes Commission on Wednesday arraigned a businesswoman, Titilayo Eboh, before an Ikeja Special Offences Court over an alleged N1.8 billion fraud.
Eboh was arraigned alongside Chayomi Aluminum Ltd and one Abubakar Funtua, who is currently at large, on a three-count charge bordering on conspiracy to obtain money by false pretence, stealing, and obtaining money under false pretence.
The defendant, however, pleaded not guilty to the charges.
Prosecuting counsel, Mr. Nnaemeka Omenwa, prayed the court to remand the defendant in appropriate custody pending the commencement of trial.
Omenwa told the court that the defence counsel had forwarded a bail application from a sister case before Justice Rahman Oshodi to his email, adding that he required clarification to determine which application to respond to before filing his reply.
Defence counsel, Mr. Emefo Etudo, told the court that he was not a party to proceedings before Justice Oshodi.
Etudo further requested one hour to make a hard copy of the defendant’s bail application available to the prosecution.
He also urged the court to grant multiple trial dates and fix an earlier date for the hearing of the bail application in line with discussions held with the prosecution.
Justice Mojisola Dada subsequently adjourned the bail application to March 24 and fixed May 4 for the commencement of trial.
According to the EFCC, the defendant, alongside another person still at large, between December 2, 2020 and January 25, 2021, allegedly obtained the cumulative sum of N1.8 billion from Mr. Olamayowa Abdulwasiu-Olabisi and Mr. Adekanmi Adedire of Himark Intertrades Ltd.
The anti-graft agency alleged that the money was collected under the false representation that she had the United States dollar equivalent to exchange at the rate of N420 per dollar, a claim she allegedly knew to be false.
The commission also accused the defendants of dishonestly converting N458.2 million, equivalent to $1.9 million at the exchange rate of N450 per dollar, belonging to the complainants to personal use.
The prosecution said the alleged offences contravene Sections 1(1)(a) and 1(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006, as well as Section 278(1) of the Criminal Laws of Lagos State, 2011.