KEY POINTS
- EFCC arraigns Titilayo Eboh, company and alleged accomplice over N1.8bn fraud.
- Defendant pleads not guilty; court orders remand pending bail hearing.
- Prosecution alleges false dollar exchange deal and diversion of N458.2m.
MAIN STORY
The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned a Lagos-based businesswoman, Titilayo Eboh, before the Ikeja Special Offences Court over an alleged N1.8 billion fraud.
Eboh was docked alongside Chayomi Aluminum Ltd and one Abubakar Funtua, who is currently at large, on a three-count charge bordering on conspiracy, stealing and obtaining money by false pretence.
The defendant pleaded not guilty to the charges.
Following her plea, the prosecution counsel, Mr Nnaemeka Omenwa, urged the court to remand the defendant pending trial. He informed the court that the defence had forwarded a bail application in a related matter before another judge and that clarification was required to determine the appropriate application to respond to.
Defence counsel, Mr Emefo Etudo, told the court he was not involved in the proceedings before the other judge and requested multiple trial dates. He also sought an earlier date for the hearing of the bail application, following discussions with the prosecution.
Justice Mojisola Dada ordered the remand of the defendant and adjourned the matter until March 24 for the hearing of the bail application.
According to the EFCC, the alleged offences were committed between December 2, 2020, and January 25, 2021, in Lagos.
The anti-graft agency alleged that Eboh obtained N1.8 billion from Mr Olamayowa Abdulwasiu-Olabisi and Mr Adekanmi Adedire of Himark Intertrades Ltd under the pretext that she had the dollar equivalent available for exchange at the rate of N420 per dollar, a representation the prosecution claims she knew to be false.
The EFCC further alleged that the defendant dishonestly converted N458.2 million belonging to the complainants to her personal use. The sum is said to represent the equivalent of $1.9 million at an exchange rate of N450 per dollar.
The offences allegedly contravene Sections 1(1)(a) and 1(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006, as well as Section 278(1) of the Criminal Law of Lagos State, 2011.
THE ISSUES
The case highlights ongoing concerns over large-scale financial fraud and currency exchange scams, particularly in high-value transactions involving foreign exchange deals.
It also underscores the EFCC’s continued crackdown on economic crimes and the judicial process surrounding high-profile financial misconduct cases.
WHAT’S BEING SAID
The prosecution maintains that the defendant deliberately misrepresented her capacity to provide foreign currency and diverted substantial funds for personal use.
The defence has denied the allegations, with the defendant pleading not guilty and seeking bail pending trial.
WHAT’S NEXT
The court will hear the bail application on March 24, after which trial dates are expected to be scheduled. The prosecution is also expected to clarify its position on the bail application earlier filed in a related matter.
BOTTOM LINE
With a not-guilty plea entered and bail proceedings pending, the case now shifts to the evidentiary stage, where the court will determine the validity of the N1.8 billion fraud allegations against the Lagos businesswoman and her co-defendants.
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