Forex Trader Faces Trial in Absentia Over Alleged $200,000, ₦110m


Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos has scheduled March 25, 2025, for further proceedings in the criminal case filed by the Police Special Fraud Unit (PSFU), Ikoyi, against a Forex trader, David Onaolapo, who is accused of absconding. 

The PSFU, represented by its counsel, Achi Caleb, specifically charged Onaolapo and his company, Tigerwit Africa Limited, with a five-count, including conspiracy, fraud, and operating an unlicensed Forex trading business. 

The charges, marked FHC/L/262/23, alleged that Onaolapo fraudulently obtained $200,000 and ₦110 million from one Charles Oyakhilome John between January 14 and 19, 2021, under the pretext of a short-term investment. 

The defendant is further accused of collecting the funds and disappearing, violating provisions of the Advance Fee Fraud and Other Related Offences Act, 2006, as well as the Foreign Exchange Monitoring and Miscellaneous Provisions Act. 

Despite a warrant for Onaolapo's arrest issued in March 2024 and the PSFU's motion for his surety, Victor Onaolapo, to show cause, the defendant has not appeared in court. 

During the last hearing, the prosecutor requested the trial to proceed in absentia under Section 352 of the Administration of Criminal Justice Act, 2025. 

However, Onaolapo's lawyer revealed that his client had relocated to the United Kingdom before the charges were filed. 

Justice Lewis-Allagoa advised the prosecutor to consider filing an extradition application to bring Onaolapo back to Nigeria for trial. 

The charges against Onaolapo and Tigerwit Africa Limited include obtaining funds under false pretences, defrauding John of $200,000 and ₦110 million, and engaging in unauthorized foreign exchange transactions. 

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