EFCC arraigns businessmen over alleged N1.55bn fraud and unlawful conversion involving Ocean Lord Limited at the Federal High Court in Lagos

The Economic and Financial Crimes Commission on Wednesday arraigned Dr Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo before the Federal High Court in Lagos over allegations of fraud and unlawful conversion of N1.55 billion, in what the prosecution described as a significant breach of trust.

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The case, filed as EFCC arraigns businessmen, also involved two firms, Cabota Power Company Limited and Cabota Group Limited, which were allegedly used to deceive Ocean Lord Limited under the guise of conducting licensed foreign exchange transactions.

EFCC counsel Suleiman Suleiman told the court that an eight-count charge had been filed against the defendants, covering conspiracy, obtaining money under false pretences and operating a financial business without authorisation.

The agency alleged that the offences occurred between 2 and 15 May 2025, during which the defendants claimed to hold a valid licence to deal in foreign exchange.

The charges were read during the proceedings, and the defendants entered not-guilty pleas.

Defence counsel Chief (Dr) Richard Oma Ahonaruogho (SAN) informed the court that a formal bail application had been filed and served on the prosecution.

Suleiman responded that he required time to review the application, noting that it had only been served moments before the session began.

Ahonaruogho attempted to move an oral bail application, but the court refused the request.

He then asked that the defendants remain in EFCC custody pending the determination of the bail motion.

In a brief ruling, Justice Daniel Osiagor adjourned the matter to 11 December 2025 for the hearing of the bail application and the commencement of trial.

The judge directed that all parties return prepared for proceedings.

According to the EFCC, the defendants allegedly conspired to obtain N1,550,000,000 from Ocean Lord Limited by falsely claiming to possess the licence required to operate in the foreign exchange market.

One of the counts detailed the alleged fraudulent conversion of N464 million on 6 May 2025, broken into various transfers.

The charges were brought under Sections 383 and 390 of the Criminal Code Act, Section 57 of the Banks and Other Financial Institutions Act 2020 and Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.

The prosecution maintains that the defendants knowingly made false representations and operated an unlicensed financial institution.