EFCC ARRAIGNS MAN, COMPANY FOR ALLEGED ILLEGAL FOREX TRANSACTIONS IN LAGOS

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By Aishat Momoh. O.

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Friday, October 3, 2025, arraigned one Akinwunmi Fayose and his company, Precision Deep Water W.A. Limited, before Justice Alexander Owoeye of the Federal High Court, Ikoyi, Lagos, over alleged illegal foreign exchange dealings.

Fayose and his firm were charged with engaging in foreign exchange transactions outside the official market in October 2024, an offence contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act of 1994.

The charge reads: “That you, Akinwunmi Fayose and Precision Deep Water W.A. Limited, sometime in October 2024, at Lagos within the Judicial Division of this Honourable Court, engaged in foreign transactions other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.”

The defendant pleaded not guilty to the charge.

Following the plea, prosecuting counsel Fanen Anum requested a trial date and urged the court to remand the defendant at a correctional facility. However, defence counsel Collins Ovat made an oral bail application, which the prosecution opposed, citing the absence of a formal application.

Justice Owoeye ordered the remand of Fayose at a Correctional Centre and adjourned the matter until October 29, 2025, for commencement of trial.