The Economic and Financial Crimes Commission (EFCC), on Wednesday, arraigned two businessmen – Dr. Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo – over allegations of fraud and unlawful conversion of N1.55 billion belonging to Ocean Lord Limited.
The duo were arraigned before Justice Daniel Osiagor of the Federal High Court, Lagos, alongside two companies – Cabota Power Company Limited and Cabota Group Limited – which prosecutors say were used to deceive the complainant under the pretence of operating a licensed Bureau de Change (BDC).
According to the EFCC, the defendants allegedly collected the funds between May 2 and 15, 2025, claiming they possessed authorisation to transact in foreign exchange.
Investigators later alleged that no valid licence existed and that the money was unlawfully converted.
EFCC counsel, Suleiman Suleiman, informed the court that an eight-count charge had been filed against the defendants and applied for the charges to be read to them.
After the charges were read, both men pleaded not guilty.
Lead defence counsel, Dr. Richard Oma Ahonaruogho, told the court that a formal bail application had already been filed and served on the prosecution. However, the EFCC asked for additional time to respond.
Ahonaruogho attempted to make an oral application for bail, but the court declined.
He then prayed the court to order that the defendants remain in EFCC custody pending the determination of their bail application.
Justice Osiagor subsequently adjourned the matter to December 11, 2025, for hearing of the bail application and commencement of trial.
According to the charge sheet, the defendants are accused of conspiracy and obtaining money under false pretences, contrary to the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. They are also charged with fraudulent conversion of company funds.
One of the counts alleges that on May 6, 2025, they fraudulently converted N464 million, broken into separate transfers of N85 million, N150 million, N208 million and N121 million, all belonging to Ocean Lord Limited.
They are further accused of operating a financial institution, specifically, a bureau de change, without a valid Central Bank of Nigeria (CBN) licence, an offence under Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The defendants remain in EFCC custody pending further court proceedings.
- NAN