EFCC Arraigns Two Lagos Businessmen Over Alleged N1.55bn Forex Fraud

Two Lagos-based businessmen, Dr. Fagite Oladipo and Raymond Akintayo, have been brought before the Federal High Court in Lagos to face allegations of a large-scale fraud running into N1.55 billion. Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), accuses the pair of masterminding a scheme built on false claims of possessing a legitimate foreign exchange licence.

They were arraigned on Wednesday alongside two companies linked to them — Cabota Power Company Limited and Cabota Group Limited — on an eight-count charge covering conspiracy, obtaining money under false pretences, unlawful conversion, and illegal financial operations.

Prosecutors allege that between 2 and 15 May 2025, the defendants obtained N1.55 billion from Ocean Lord Limited after claiming they were authorised to conduct forex transactions. The EFCC insists no such licence existed.

Court documents presented before Justice Daniel Osiagor also accuse the men of diverting N464 million belonging to Ocean Lord Limited on 6 May 2025. The funds were allegedly split into four transfers — N85 million, N150 million, N208 million, and N121 million — in violation of Nigeria’s Criminal Code Act.

The charge further states that the defendants operated an unlicensed bureau de change business, contrary to the Banks and Other Financial Institutions Act (BOFIA) 2020, which requires Central Bank of Nigeria approval for such activities.

Both Oladipo and Akintayo pleaded not guilty. Their counsel, Chief (Dr.) Richard Oma Ahonaruogho, SAN, confirmed that a formal bail application had been submitted to the prosecution. EFCC lawyer Mr. Suleiman requested more time to respond, telling the court he had only just received the documents.

Justice Osiagor rejected a request for oral bail, insisting on proper procedure. Pending the bail hearing scheduled for 11 December 2025, the court ordered that the defendants remain in EFCC custody.