A Federal High Court in Lagos has ordered the remand of a couple, Obinyan Osenonome and his wife, Esther, along with six others, in the custody of the Ikoyi Correctional Centre. The court heard that the defendants were alleged to have committed a N710 million financial fraud. The defendants were arraigned before Justice Ambrose Lewis-Allagoa by operatives of the Police Special Fraud Unit (PSFU).
The defendants, including Elvis Eghile, Egharevba Osarieyekemwen, Precious Irbhogbe, Aghatise Uhumenkpoewan, Nweke Emmanuel, and Egharevba Osagioduwa, were docked on a 12-count amended charge of conspiracy, fraudulent conversion of funds, and concealment of the source of funds. The prosecutor, Momoh Yakubu, a Chief Superintendent of Police, told the court that the alleged offences were committed on or about June 16, 2026, in Lagos.
According to the prosecutor, the defendants and others still at large conspired to fraudulently convert N710 million belonging to ETF Nigeria Ltd/Grey Star Capital. The funds were allegedly acquired and concealed by the defendants, who knew or had reasonable grounds to believe that they represented proceeds of unlawful activity. The prosecutor also alleged that the defendants obtained the N710 million through different beneficiaries' accounts under false pretences.
Obinyan Osenonome was accused of acquiring the funds through private accounts and forged documents, despite knowing or having reason to believe that the money represented proceeds of unlawful activity. He was also alleged to have uttered or altered proof-of-funds documents, including signatures and indemnity documents, intending that they be acted upon as genuine. The police further alleged that Esther Osenonome and Nnamdi Emmanuel Nweke acquired and took possession of large sums of money.
The prosecution also alleged that other defendants acquired and concealed various sums of money. Aghatise was accused of acquiring N90 million, while Egharevba Emmanuel Osagioduwa was alleged to have acquired and concealed N95 million. Eghile and Egharevba Maryjane were accused of concealing and disguising the origin of N85 million and N93 million, respectively.
The alleged offences, according to the prosecution, contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Miscellaneous Offences Act. All eight defendants pleaded not guilty to the amended charges. The court has adjourned the case until October to allow the defendants to file and argue their bail applications.
The defendants' counsel asked the court for a short date to enable them to file and argue their respective bail applications. Justice Lewis-Allagoa subsequently adjourned the case until October. The prosecutor, Momoh Yakubu, urged the court to fix a trial date and remand the defendants pending determination of the case.
Key points
- A Lagos court has remanded a couple and six others in custody over an alleged N710 million financial fraud.
- The defendants were alleged to have committed the fraud by conspiring to convert and conceal funds belonging to ETF Nigeria Ltd/Grey Star Capital.
- The case has been adjourned until October to allow the defendants to file and argue their bail applications.
