Breaking: Two Entrepreneurs Face EFCC Trial For ₦1.55 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, over allegations of defrauding Ocean Lord Limited of ₦1.55 billion.....KINDLY READ THE FULL STORY HERE▶

Alongside the individuals, two corporate entities — Cabota Power Company Limited and Cabota Group Limited — were accused of unlawfully converting the funds between May 2 and May 15, 2025, under the pretense of holding a licence to transact in foreign exchange.

The defendants are alleged to have conspired to commit a felony by obtaining the funds under false pretences, in violation of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. Specifically, on May 6, 2025, they are said to have converted ₦464 million — comprising ₦85 million, ₦150 million, ₦208 million, and ₦121 million — belonging to Ocean Lord Limited.

During the arraignment, EFCC prosecutor Suleiman Suleiman informed the court that an eight-count charge had been filed against the defendants and requested that the charges be read to them. Upon reading, the defendants pleaded not guilty to all counts. Their counsel, Richard Oma Ahonaruogho, indicated that a bail application had been filed and served on the prosecution.

The EFCC prosecutor requested additional time to respond, noting that the bail application had only recently been served. Ahonaruogho also sought to make an oral bail application, but the court declined and ordered the defendants to remain in EFCC custody pending the hearing of the bail application.

Justice Daniel Osiagor adjourned the matter to December 11, 2025, for the hearing of the bail application and the commencement of the trial.

The charges also allege that the defendants operated a financial institution — specifically a bureau de change — without a valid licence from the Central Bank of Nigeria (CBN), in violation of Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The counts include allegations that between May 2 and May 15, 2025, the defendants conspired to obtain ₦1.55 billion from Ocean Lord Limited under false pretences, knowing they did not hold a valid licence to deal in foreign exchange, contrary to Section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Additionally, they are accused of fraudulently converting ₦85 million, ₦150 million, ₦208 million, and ₦121 million to their own use on May 6, 2025, in violation of Section 383 and punishable under Section 390 of the Criminal Code Act.