The Nigerian Police, under the directive of the Inspector General of Police (IGP), are prosecuting a group of businessmen for allegedly defrauding a foreign investor of ₦13.5 billion in a fraudulent foreign exchange transaction. The ongoing trial at the Federal High Court involves claims that the suspects tricked Rafik Akar, a foreign investor, into transferring the naira equivalent of $38.26 million at an exchange rate of ₦353 per dollar in 2019.
Investigators reveal that the money was deposited into company accounts allegedly linked to the defendants, including Pearson Nigeria Limited and Lasuccess Ventures Ltd. The funds were then reportedly used to acquire properties in Lagos, Abuja, and Delta states. It is further alleged that the promised dollar exchange was tied to proceeds of criminal activity, which violates the Money Laundering (Prevention and Prohibition) Act 2022.
The defendants have pleaded not guilty to the charges. During a recent hearing, the complainant, Rafik Akar, testified that he made the payments based on assurances from the suspects. The court has scheduled the next session for March 3, 2025, when additional evidence is expected to be presented by police investigators.
This case underscores growing efforts by law enforcement to combat financial crimes in Nigeria. Fraud, money laundering, and foreign exchange manipulation remain significant challenges in the country’s financial system. The Money Laundering Act prescribes severe penalties for those found guilty of concealing or misappropriating funds.
Authorities stress the importance of enforcing these laws to safeguard the financial sector and support economic stability. This case is one of several recent efforts to address systemic corruption and illicit financial activities.
, are prosecuting a group of businessmen for allegedly defrauding a foreign investor of ₦13.5 billion in a fraudulent foreign exchange transaction. The ongoing trial at the Federal High Court involves claims that the suspects tricked Rafik Akar, a foreign investor, into transferring the naira equivalent of $38.26 million at an exchange rate of ₦353 per dollar in 2019.){kind=link}