The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Dr Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, before a Federal High Court in Lagos over allegations of fraud and unlawful conversion of N1.55 billion belonging to Ocean Lord Limited.
The defendants were arraigned alongside two corporate entities, Cabota Power Company Limited and Cabota Group Limited, which the EFCC alleged were used to defraud the complainant under the guise of conducting licensed foreign exchange transactions.
According to the anti-graft agency, the alleged offences were committed between May 2 and May 15, 2025, during which the defendants purportedly claimed to possess a valid licence to operate in the foreign exchange market.
During Wednesday’s proceedings, EFCC counsel, Suleiman Suleiman informed the court that an eight-count charge had been filed against the defendants.
He requested that the charges be read to them, after which they were to enter their pleas. The defendants pleaded not guilty to all the charges.
Following their plea, defence counsel, Chief (Dr) Richard Oma Ahonaruogho (SAN) notified the court that a formal bail application had already been filed and served on the prosecution.
However, Suleiman told the court that he required time to study and respond to the application, noting that it had been served on the prosecution moments before the proceedings commenced.
Ahonaruogho attempted to make an oral bail application, but the court declined the request. He then urged the court to allow the defendants to remain in EFCC custody pending the hearing and determination of the bail application.
In his ruling, Justice Daniel Osiagor adjourned the matter to December 11, 2025, for the hearing of the bail application as well as the commencement of the trial.
The charges levelled against the defendants border on conspiracy to obtain money under false pretences, fraudulent conversion of company funds, and operating a financial institution without authorisation.
According to the EFCC, the defendants conspired to fraudulently obtain N1,550,000,000 from Ocean Lord Limited under the claim that they possessed a licence to deal in foreign exchange, an assertion the prosecution said they knew to be false.
One of the counts alleged that on May 6, 2025, the defendants fraudulently converted N464 million, comprising N85 million, N150 million, N208 million, and N121 million, belonging to Ocean Lord Limited.
These charges are brought under Sections 383 and 390 of the Criminal Code Act, which address stealing and obtaining by false pretence.
Additionally, the defendants are accused of operating a bureau de change without a valid licence from the Central Bank of Nigeria (CBN), an offence contrary to Section 57(1) and punishable under Section 57(5)(b) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The prosecution further alleged that the defendants obtained the N1.55 billion under false pretences, contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and conspired to steal the same amount, contrary to Section 383 of the Criminal Code Act.
The defendants are expected to return to court on December 11 as the EFCC prepares to open its case.
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