Two businessmen, Dr. Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo have been araigned by the Economic and Financial Crimes Commission (EFCC) over alleged fraud and unlawful conversion of alleged N1.5 billion fraud.
The defendants, alongside two companies — Cabota Power Company Limited and Cabota Group Limited — allegedly defrauded Ocean Lord Limited of N1,550,000,000 (One Billion, Five Hundred and Fifty Million Naira) between May 2 and May 15, 2025, under the false claim that they possessed a licence to transact in foreign exchange.
During the proceedings, EFCC prosecutor Suleiman Suleiman informed the court that an eight-count charge had been filed against the defendants. He requested that the charges be read, after which the defendants entered a plea of not guilty to all counts.
Defence counsel, Chief (Dr.) Richard Oma Ahonaruogho, told the court that a bail application had been filed and served on the prosecution. However, Suleiman asked for additional time to respond, noting that the application had only just been served.
When Ahonaruogho attempted to make an oral bail application, the court declined and he subsequently urged that the defendants remain in EFCC custody pending the hearing of the written bail request.
Justice Daniel Osiagor adjourned the case to December 11, 2025, for the hearing of the bail application and commencement of trial.
According to the charges, the defendants allegedly conspired to commit a felony by obtaining funds under false pretences, in contravention of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. They also face multiple counts of fraudulent conversion of company funds.
On May 6, 2025, they allegedly converted a total of N464 million — comprising N85 million, N150 million, N208 million and N121 million — belonging to Ocean Lord Limited. The offences were cited under Sections 383 and 390 of the Criminal Code Act.
The defendants are further accused of operating a financial institution, specifically a bureau de change, without authorisation from the Central Bank of Nigeria (CBN), contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The counts also allege that between May 2 and May 15, 2025, the defendants fraudulently obtained N1,550,000,000 from Ocean Lord Limited under the false pretence of holding a valid forex licence — an offence contrary to Section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
They are additionally charged with obtaining the same sum under false pretences, contrary to Section 1(3) of the Act, as well as conspiring to steal the money, contrary to Section 383 and punishable under Section 390 of the Criminal Code Act.