The Economic and Financial Crimes Commission (EFCC) has arraigned two businessmen, Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, over allegations of fraud involving ₦1,550,000,000 belonging to Ocean Lord Limited. The defendants, alongside two companies—Cabota Power Company Limited and Cabota Group Limited—were accused of obtaining the funds under the false claim of being licensed to trade in foreign exchange.
The alleged offences occurred between May 2 and May 15, 2025, including the conversion of ₦464 million on May 6, 2025. They pleaded not guilty to an eight-count charge bordering on conspiracy, fraud, and operating an unlicensed financial institution.
Justice Daniel Osiagor ordered that the defendants remain in EFCC custody pending the hearing of their bail application on December 11, 2025.
#EFCC #FraudCase #ForexFraud #NigeriaNews #CourtUpdates #CrimeWatch #BusinessCrime #FinancialCrimes
