EFCC arraigns lawyer over ‘N1.3bn forex fraud’ in Akwa Ibom

The Uyo zonal directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Alexander Uchenna Ozougwu, a legal practitioner, for allegedly defrauding his victims of N1,323,850,000 through a bogus foreign exchange investment scheme.

Ozougwu was arraigned on February 12, 2025, before Sergius Onah of the federal high court sitting in Uyo, Akwa Ibom state.

In a statement on Friday, the EFCC said the suspect was arraigned on six-count charges bordering on obtaining money by false pretence in contravention of provisions of section 18(2)(d) of the money laundering (prevention and prohibition) Act 2022.

The statement said the defendant pleaded not guilty to the charges when they were read to him.

Joshua O. Abolarin, prosecution counsel, prayed the court to remand the defendant at a correctional centre and fix a date for trial.

However, C. M. Onuchukwu, the defence counsel, quickly informed the court of a bail application which he said was filed on self-recognisance for the defendant, while assuring the court that he would make himself available for trial.

“After listening to both counsels, Justice Onah granted bail in the sum of N500,000,000.00 (Five Hundred Million Naira only) with two sureties in like sum,” the statement reads.

“The sureties must be civil servants of grade level 12 and above and must have landed properties within the jurisdiction of the court.

“The court also ordered the defendant to deposit his international passport and two recent passport photographs with the court.

“Ozougwu was docked on the claims of four petitioners that alleged that he presented himself as a registered bureau de change operator with the Central Bank of Nigeria through which he earned their trust and collected the passwords to their betting accounts and promising that he was going to help them fund their accounts, but ended up diverting their funds.

“Investigation into the allegations revealed that the defendant was operating a ponzi scheme under the guise of exchanging dollars for his victims and channelling most of the funds to various betting platforms.

“A total of N1, 323, 850.000.00 was discovered to have been diverted from the accounts of the petitioners.”

The case was adjourned to March 31, 2025.