EFCC arraigns Akinwunmi Fayose and his firm for forex violations in Lagos. He pleaded not guilty and was remanded pending trial on October 29

EFCC arraigns Akinwunmi Fayose and his company, Precision Deep Water W.A. Limited, before a Federal High Court in Lagos for allegedly engaging in unlawful foreign exchange transactions.

Also read: EFCC arrests Abdulazeez Gbadebo over massive ₦500m fraud

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission brought the one-count charge against Fayose on Friday, 3 October 2025, before Justice Alexander Owoeye sitting in Ikoyi.

According to the charge, the defendant engaged in foreign exchange dealings 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.

When the charge was read to him, Fayose pleaded not guilty.

Prosecuting counsel, Fanen Anum, requested a trial date and prayed the court to remand the defendant at the Correctional Centre.

However, defence counsel Collins Ovat moved an oral application for bail, seeking a short adjournment for trial.

Anum opposed the oral bail application, arguing that no formal request had been filed before the court.

Also read: EFCC arraigns Ene Queen Bamaiyi over ₦240m Forex fraud in Abuja

Justice Owoeye ruled in favour of the prosecution, ordering the remand of Fayose at the Correctional Centre and adjourning the case until 29 October 2025 for the commencement of trial.