EFCC Charges Two Businessmen Over N1.55 Billion Fraud and Illegal Forex Operations
Story: written by Myra December 4,2025
The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Dr. Fagite Oladipo and Raymond Akintayo, at the Federal High Court in Lagos for alleged conspiracy, fraud, and unlawful conversion of N1.55 billion.
The funds were reportedly obtained from Ocean Lord Limited under the guise of holding a legitimate foreign exchange licence. Alongside the individuals, two corporate entities—Cabota Power Company Limited and Cabota Group Limited—were also arraigned on an eight-count charge relating to fraudulent activities that allegedly took place between May 2 and May 15, 2025.
During proceedings, the EFCC’s counsel requested the charges be read to the defendants, who all pleaded not guilty.
According to the charge sheet presented to Justice Daniel Osiagor, the defendants are accused of conspiring to acquire N1.55 billion under false pretences, claiming to possess a foreign exchange licence that did not exist. The EFCC stated that their actions violate Section 8 and are punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The agency also alleged that the defendants fraudulently converted N464 million belonging to Ocean Lord Limited on May 6, 2025, in four separate transactions of N85 million, N150 million, N208 million, and N121 million, contrary to Sections 383 and 390 of the Criminal Code Act.
In addition, the businessmen were accused of operating as a financial institution without Central Bank of Nigeria (CBN) authorisation, conducting bureau de change activities illegally, in breach of Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.
After their not guilty plea, the defence, led by Chief (Dr.) Richard Oma Ahonaruogho, SAN, filed a formal bail application. EFCC prosecutor Mr. Suleiman requested more time to respond, citing late receipt of the bail documents. When the defence sought an oral bail hearing, Justice Osiagor declined to hear it immediately, granting instead that the defendants remain in EFCC custody pending the formal hearing.
The court adjourned the matter to December 11, 2025, for the bail application to be heard.
