EFCC ARRAIGNS BUSINESSWOMAN OVER ALLEGED N1.8BN FOREX FRAUD IN IKEJA
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By Aishat Momoh. O.
The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned a businesswoman, Titilayo Eboh, before the Ikeja Special Offences Court over an alleged N1.8 billion foreign exchange fraud.
Eboh was docked alongside Chayomi Aluminum Ltd and one Abubakar Funtua, who is currently at large, on a three-count charge bordering on conspiracy to obtain money by false pretence, obtaining money under false pretence, and stealing.
The defendant pleaded not guilty to the charges.
Prosecuting counsel, Mr. Nnaemeka Omenwa, urged the court to remand the defendant in appropriate custody pending trial. He also informed the court that the defence had forwarded a bail application filed in a related matter before Justice Rahman Oshodi via email, adding that clarification was required to determine the appropriate application to respond to.
Defence counsel, Mr. Emefo Etudo, told the court he was not involved in the proceedings before Justice Oshodi and requested time to provide a hard copy of the bail application to the prosecution. He further prayed the court to grant multiple trial dates and an accelerated hearing of the bail application, in line with discussions held with the prosecution.
Justice Mojisola Dada subsequently adjourned the hearing of the bail application to March 24, while trial is scheduled to commence on May 4.
According to the EFCC, the defendant and an accomplice allegedly obtained the cumulative sum of N1.8 billion between December 2, 2020, and January 25, 2021, from Mr. Olamayowa Abdulwasiu-Olabisi and Mr. Adekanmi Adedire of Himark Intertrades Ltd under the pretext of exchanging the naira equivalent for United States dollars at a rate of N420 per dollar, a representation the prosecution claims was false.
The anti-graft agency further alleged that the defendants dishonestly converted N458.2 million, equivalent to $1.9 million at an exchange rate of N450 per dollar, belonging to the complainants to personal use.
The alleged offences are said to contravene Sections 1(1)(a) and 1(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006, as well as Section 278(1) of the Criminal Law of Lagos State, 2011.
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