LAGOS – A Federal High Court sitting in Lagos has ordered the remand of Isiaka Ibrahim, a citizen of the Niger Republic, at the Ikoyi Centre of the Nigerian Correctional Services (NCoS).
The order followed Ibrahim's arraignment on a three-count charge involving conspiracy and obtaining N351.5 million under false pretences.
The defendant, who reportedly resides in Igolo, Benin Republic, appeared before Justice Ibrahim Ahmad Kala.
The case, marked FHC/L/1112c/2025, was instituted by the Force Criminal Investigation Department (ForceCID) Annexe, Alagbon-Ikoyi, following an intensive investigation into a cross-border financial crime syndicate.
During the proceedings, the prosecution counsel, Morufu Ajani Animashaun, detailed how the defendant allegedly orchestrated a sophisticated fraud scheme between February and August 2024.
Operating from strategic locations in Lagos—specifically No. 30 Adegbola Street, Alakuko, and 22B Fola Jinadu Street, Gbagada Estate—Ibrahim is accused of targeting investors with promises of lucrative currency exchanges and high-yield foreign exchange (forex) trading.
The court heard that Ibrahim, acting alongside several accomplices who remain at large, allegedly induced two primary victims into parting with their funds.
The first victim, Kofoworola Osho, was reportedly defrauded of N101.5 million. Ibrahim allegedly promised her the equivalent value in West African CFA francs (the currency of the Republic of Benin), a transaction he reportedly had no intention of fulfilling.
The second count involves a N250 million allegedly obtained from Alhaji Adelabu Mutiu.
In this instance, the prosecution claims Ibrahim induced the victim to deliver the funds under the false pretence that the money would be invested in professional forex trading on his behalf.
The charges against Ibrahim fall under the stringent provisions of Section 8(a) and 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, which carry heavy penalties upon conviction.
When the charges were read to him, Ibrahim pleaded not guilty to all counts. Following the plea, Animashaun urged the court to remand the defendant in custody, citing the gravity of the economic crime and the need to ensure his presence throughout the trial.
However, the defence counsel, Olanrewaju Ajanaku, informed the court that a bail application had already been filed and served on the prosecution.
When questioned by Justice Kala regarding the specific grounds for the application, Ajanaku maintained that the offences were bailable and emphasised the constitutional presumption of innocence.
The prosecution opposed the bail application, as Animashaun argued that Ibrahim represents a significant flight risk.
He pointed out that the defendant is a foreign national with no verifiable residential address within Lagos or any other part of Nigeria, making him a candidate for absconding if granted freedom before trial.
After listening to the submissions from both legal teams, Justice Kala opted for caution. He refused to grant immediate bail, instead ordering that Ibrahim be remanded at the Ikoyi Correctional Centre.
The judge adjourned the matter to February 9, 2026, for the commencement of the trial and the hearing of all pending applications, including the formal bail arguments.
The legal document presented to the court specifies:
Count 1: Conspiracy to defraud Kofoworola Osho of N101.5 million between February and August 2024.
Count 2: Obtaining N101.5 million by false pretences regarding the provision of Benin CFA equivalent.
Count 3: Obtaining N250 million from Alhaji Adelabu Mutiu on August 21, 2024, through fraudulent forex trading claims.
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