Two Businessmen Arraigned Over N1.55b Fraud for Illegally Operating Bureau de Change Forex Company

Akin Kuponiyi

The Economic and Financial Crimes Commission (EFCC) on Wednesday, 3 December 2025, arraigned two businessmen, Dr. Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, over allegations of fraud and unlawful conversion of N1,550,000,000 (One Billion, Five Hundred and Fifty Million Naira) belonging to a limited liability company, Ocean Lord Limited.

The two defendants were arraigned alongside two corporate entities, Cabota Power Company Limited and Cabota Group Limited, alleged to have defrauded Ocean Lord Limited of over N1.5 billion between May 2 and 15, 2025, under the pretence of holding a licence to transact in foreign exchange.

EFCC prosecuting counsel, Barrister Suleiman Suleiman, told the court that an eight-count charge had been filed against the defendants. He thereafter requested that the charge be read to them so they could take their plea.

When the charge was read, the defendants pleaded not guilty to all the counts.

Chief (Dr.) Richard Oma Ahonaruogho, leading four other lawyers for the defence, told the court that a bail application had been filed and served on the prosecution. However, Mr. Suleiman requested adequate time to respond to the application.

Chief Ahonaruogho then sought to make an oral application for bail, but the court declined the request. He subsequently urged the court to order that the defendants remain in EFCC custody pending the hearing and determination of the bail application.

The presiding judge, Justice Daniel Osiagor, later adjourned the matter until December 11, 2025, for the hearing of the bail application and the commencement of trial.

The charges allege that the defendants conspired to commit a felony by obtaining funds under false pretences, in violation of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

They face eight counts of fraudulent conversion of company funds.

On May 6, 2025, they were alleged to have converted a total sum of N464 million—broken down as N85 million, N150 million, N208 million, and N121 million—belonging to Ocean Lord Limited.

The defendants were also charged with operating a financial institution, specifically a bureau de change, without a valid licence from the Central Bank of Nigeria (CBN), contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.