EFCC Charges Three with ₦46.3 Million Forex Fraud

The Nigerian Economic and Financial Crimes Commission (EFCC) has arraigned three men and a company on charges of an alleged ₦46.3 million forex fraud.

The defendants—Osita Nduh, Elder Ugbine, and Idika Williams—were brought before the court alongside Destiny Osita International Limited, facing a four-count charge of conspiracy, stealing, obtaining by false pretence and receiving fraudulently acquired property.

The EFCC prosecutor, Mr. Nnaemeka Omewa, told the court that the alleged offences occurred in August 2023 in Lagos. According to the prosecution, the defendants, along with accomplices still at large, deceived a complainant into believing they were legitimate forex dealers and dishonestly converted his money to their use. They allegedly promised to exchange the complainant’s ₦46.3 million for the Chinese RMB equivalent of 377,150 RMB—a representation that Omewa asserted was knowingly false.

Additionally, the prosecution stated that Ugbine fraudulently retained ₦50 million paid to his company’s account.

The court has adjourned the case until June 16, when the trial is set to commence.