EFCC Arraigns Businesswoman in N1.8bn Lagos Forex Fraud Case
The Economic and Financial Crimes Commission (EFCC) has arraigned a businesswoman it describes as a serial fraudster, alongside her company, over an alleged N1.87 billion foreign exchange scam. Titilayo Eboh and Chayomi Aluminium Ltd. were brought before the Special Offences Court in Ikeja, Lagos, facing charges related to conspiracy, stealing, and obtaining money by false pretenses.
Background and Context
The case highlights the vulnerabilities in Nigeria’s unregulated foreign exchange markets, where businesses often seek liquidity outside official banking channels. According to a statement released on the official X handle of the anti-graft agency, the alleged transactions took place between December 2020 and January 2021. This period corresponds with heightened volatility in the currency market, a factor that often drives investors toward high-risk, private currency swap arrangements.
Key Figures and Entities
The defendants named in the charge include Ms. Eboh, Chayomi Aluminium Ltd., and Abubakar Funtua, who remains at large. The alleged victims are Mr. Olamayowa Abdulwasiu Olabisi and Mr. Adekanmi Adedire, directors of Himark Intertrades Limited. Court records indicate that the victims transferred funds to the defendants with the expectation of receiving United States dollars in return.
Legal and Financial Mechanisms
Prosecutors allege that the defendants conspired to defraud the investors of a cumulative sum of N1,871,220,000.00 (One Billion, Eight Hundred and Seventy One Million, Two Hundred and Twenty Thousand Naira). The specific mechanism cited in the charge was a promise to exchange the naira sum for US dollars at a rate of N420 per dollar—a rate the prosecution claims was a false pretense.
During the arraignment before Justice Mojisola Dada, the defendant pleaded not guilty to the three-count charge. Following the plea, the prosecution counsel, Nnaemeka Omenwa, requested a trial date and remand. The defense counsel, Emefo Etudo, indicated plans to file a bail application. Consequently, the court adjourned the hearing of the bail application to March 24, 2026, and fixed the commencement of trial for May 4, 2026.
International Implications and Policy Response
This prosecution underscores the ongoing efforts by Nigerian authorities to police the informal financial sector and enforce anti-fraud statutes. Large-scale forex scams undermine business confidence and capital flight controls, prompting stricter oversight from agencies like the EFCC. The case serves as a benchmark for the legal system's ability to adjudicate complex financial disputes involving multiple corporate entities and fugitive co-defendants.
Sources
This report draws on the official statement released by the Economic and Financial Crimes Commission (EFCC) and charge sheets from the Special Offences Court, Ikeja, Lagos.
