EFCC Arraigns Two Over ₦1.55 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Dr Fagite Oladipo and Raymond Akintayo, before the Federal High Court in Lagos over alleged conspiracy, fraud, and unlawful conversion of ₦1.55 billion.

The funds were reportedly obtained from Ocean Lord Limited on the false claim that the defendants held a valid licence to conduct foreign exchange transactions.

Two companies linked to them—Cabota Power Company Limited and Cabota Group Limited—were also charged on eight counts relating to activities said to have occurred between May 2 and 15, 2025.

At the commencement of proceedings, the EFCC asked that the charges be read so the defendants could enter their plea. Both men pleaded not guilty.

Court documents before Justice Daniel Osiagor state that the defendants allegedly conspired to obtain ₦1.55 billion under false pretences, an offence contrary to Section 8 and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

EFCC Probes Ex-NNPC Boss Kyari Over Funds — EFCC arraigns two over ₦1.55 billion fraud.
Credit: ICIR Nigeria

The EFCC further alleged that ₦464 million belonging to Ocean Lord Limited was fraudulently converted on 6 May 2025, divided into four transfers of ₦85 million, ₦150 million, ₦208 million and ₦121 million. These acts, according to the prosecution, breach Sections 383 and 390 of the Criminal Code Act.

They are also accused of operating as a financial institution without authorisation and running bureau de change activities without a Central Bank of Nigeria licence, contrary to Section 57(1) of BOFIA, 2020.

Following their plea, defence counsel Chief (Dr) Richard Oma Ahonaruogho, SAN, informed the court that a bail application had been filed and served.

Prosecutor Mr Suleiman asked for more time to respond, saying the documents had only just been received.

Justice Osiagor declined an oral application for bail, insisting on proper procedure. At the defence’s request, the court ordered that the defendants remain in EFCC custody pending the hearing of the bail application.

The case was adjourned to December 11, 2025, for the bail hearing.

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