EFCC Arraigns Lawyer Over Alleged N1.3bn Forex Fraud in Akwa Ibom
The Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Barr. Alexander Uchenna Ozougwu, a legal practitioner, before Justice Sergius Onah of the Federal High Court in Uyo, Akwa Ibom State, on charges of defrauding victims of N1.3 billion through a fraudulent foreign exchange investment scheme.
The EFCC’s Head of Media and Publicity, Dele Oyewale, disclosed that the defendant was arraigned on six counts of obtaining money by false pretenses, in violation of Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges include:
- Count 1: That in September 2024, Ozougwu took possession of N268,850,000 through a bank account under the name “STARLIGHT ATTORNEYS,” knowing it was the proceeds of a fraudulent act.
- Count 2: That in July 2024, he took possession of N213,000,000 through the same account under similar fraudulent circumstances.
Ozougwu pleaded not guilty to the charges when they were read to him in court.
In response, prosecution counsel, Joshua Abolarin, requested that the defendant be remanded in a correctional facility and that a trial date be set. Meanwhile, the defense counsel, C.M. Onuchukwu, informed the court that a bail application had been filed, stating that Ozougwu would make himself available for trial.
After hearing both sides, Justice Onah granted bail to Ozougwu in the sum of N500 million with two sureties, each in like sum. The sureties must be civil servants of grade level 12 or higher and possess landed property within the court’s jurisdiction. Additionally, Ozougwu was ordered to surrender his international passport and provide two recent passport photographs.
The EFCC’s investigation revealed that Ozougwu, who falsely presented himself as a registered Bureau de Change operator with the Central Bank of Nigeria (CBN), gained the trust of his victims. He promised to help fund their betting accounts but instead diverted their funds to various betting platforms, operating a Ponzi scheme. A total of N1,323,850,000 was allegedly misappropriated from the victims’ accounts.
The matter was adjourned until March 31, 2025, for trial.
