The Economic and Financial Crimes Commission (EFCC) has brought two Lagos-based businessmen, Fagite Oladipo and Raymond Akintayo, before the Federal High Court over allegations of defrauding Ocean Lord Limited of N1.55 billion.
Alongside the men, the EFCC arraigned Cabota Power Company Limited and Cabota Group Limited, which the commission claims were used to receive funds under the false pretense of holding valid foreign-exchange licences.
Eight charges have been filed against the defendants, accusing them of fraud, conspiracy, and unlawful conversion of funds, according to EFCC prosecutor Suleiman Suleiman. The accused pleaded not guilty to all counts when read before the court.
The commission alleges that between 2 and 15 May, Oladipo and Akintayo misrepresented their authority to conduct foreign-exchange transactions, obtaining funds from Ocean Lord Limited that were later diverted for personal use.
Bail Proceedings
The defence, led by Senior Advocate Richard Ahonaruogho, filed a formal bail application which was acknowledged by the EFCC but not immediately granted. When a request for an oral bail application was made, the court declined, prompting the defence to request that the accused be held in EFCC custody rather than prison while the application is considered.
The case has been adjourned to 11 December for the hearing of the bail application and the commencement of the trial.
Details of the Allegations
The EFCC charges allege that the defendants:
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Conspired to obtain money under false pretences, violating Section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
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Illegally obtained N1.55 billion from Ocean Lord Limited, contrary to Section 1(3) of the same Act.
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Converted multiple sums (N85 million, N150 million, N208 million, and N121 million) for personal use, violating Sections 383 and 390 of the Criminal Code Act.
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Operated a bureau de change without a Central Bank of Nigeria licence, breaching Section 57(1) of BOFIA 2020.
The EFCC asserts that the defendants collaborated to deceive Ocean Lord Limited into releasing funds for foreign-exchange operations they were not licensed to conduct.
Context and Enforcement Trends
This case comes amid heightened EFCC crackdowns on unlicensed forex operators and illegal BDCs. In May 2024, 13 suspected fake BDC operators were arrested in Lagos for unauthorized forex activities. Earlier this year, Faruk Umar, another unlicensed operator, was sentenced to six months in jail (or a fine) for similar offences. More recently, in August, the EFCC apprehended 12 suspected illegal BDC operators following intelligence-led investigations.
The Oladipo and Akintayo case underscores ongoing efforts by the EFCC to protect Nigeria’s financial system from fraudulent foreign-exchange activities and unlicensed operations.
