Justice Ambrose Lewis-Allagoa of a Federal High Court, Lagos, has fixed March 25, for further hearing of the criminal charge filed by the Police Special fraud Unit (PSFU), Ikoyi, Lagos, against a Forex Trader, David Onaolapo, who is alleged to be on the run.
PSFU through its prosecutor, Barrister Achi Caleb, has instituted a five-count charge of conspiracy, obtaining the sum of $200,000, USD and N110 million, fraud and unlawful Forex Trader operation against Onaolapo and his company, Tigerwit Africa limited, in a charge marked FHC/L/262/23.
In the charge, the prosecutor alleged that the unlicensed Forex Trader and his company were accused of committing the alleged crimes between January 14 and 19, 2021.
Specifically, the defendant was alleged to have fraudulently obtained the mentioned sums for one Charles Oyakhilome John, for the purpose of investing it in a short-time trade investment.
He was alleged to have collected the money and disappeared into tiny air.
The prosecutor said the offences committed by the defendant, contravened sections Section 8, 1(a), and punishable under Section 1(3) of the Advance Fee Fraud And Other Related offence Act, 2006.
He also told the court that the alleged illegal acts of the defendant contravened sections 5 and 29(1) of the Foreign Exchange Monitoring and Miscellaneous (Provision) Act Cap F34 LFN 2004 and punishable under Section 29(2) of the same Act.
Meanwhile, due to the perpetual failure of the defendant, the court had sometimes in March 2024, issued an arrest warrant against him. While the PSFU is equally filed a motion for his surety, Victor Onaolapo, who stood as his surety while given administrative bail by the Police, to show cause, before the court.
At the resumed hearing of the charge, while Barrister Achi Caleb announced his appearance for the prosecutor, a on lawyer, appeared for the fleeing unlicensed Forex Trader, and Barrister Anayo A. Mbah appeared to the nominal compliant.
Upon the calling of the charge, the prosecutor told the court that the matter was for the defendant to take his plea of the charges, and told the court that the defendant was still absent in court.
The prosecutor also asked the court to commence the defendant’s trial in absentia. He told the court that his request was hinged on Section 352 of the Administration of Criminal Justice Act, 2025.
Responding, defendant.lawyer told the court that his client had relocated to United Kingdom (UK) prior to the filing of the charge.
Justice Lewis-Allagoa after listening to the prosecutor and the defendant’s lawyer, gave an hint that the proper application the prosecutor ought to file is extradition application.
Based on the hint gave by the judge, the prosecutor asked the court for a short date, for the necessary application to be filed.
The judge thereafter adjourned the matter to March 25;
Charges Against the unlicensed Forex Trader reads: “That you, David Onaolapo, Tigerwit Africa Limited, on or before the 14 day of January, 2021 within Lagos Federal High Court Judicial Division, conspired with others at large, to commit a felony to wit; obtaining by false pretence, The Sum of Ten Million Naira (N10, 000, 000. 00K] and Two Hundred Thousand US Dollars [$200,000.00] Only, property of One Charles Oyakhilome John ‘m’, and thereby committed an offence Contrary to Section 8 and punishable under Section 1(3) of the Advance Fee Fraud And Other Related offence Act, 2006.
“That you, David Onaolapo, Tigerwit Africa Limited, and others at large, on ur about the 14th day of January, 2021 at Zenith bank, Ikeja, within the aforesaid Judicial Division, did with intent to defraud, obtained the sum of One Hundred Million Naira} N100, 000, 000. 00K] Only, from Charles Oyakhilome John ‘m’, for the purpose of trade investment for him within a short while, knowing same to be false, and thereby committed an offence contrary to Section 1(a) and punishable under Section 1(3) of the Advance Fee Fraud And Other Related Offences Act, 2006.
“That you David Onaolapo, Tigerwit Africa Limited, and others at large, on or about the 19th day of January, 2021 at Zenith bank, Ikeja, and within the aforesaid Judicial Division, did with intent to defraud, obtained the sum of Two Hundred Thousand US Dollars [$200,000.00] Only, from Charles Oyakhilome John ‘m’, for the purpose of trade investment for him within a short-while, knowing same to be false, and thereby committed an offence contrary to Section 1(a) and punishable under Section 1(3) of the Advance Fee Fraud And Other Related Offences Act, 2006
“That you David Onaolapo, Tigerwit Africa Limited, and others at large, on or about the 14th day of January, 2021 at Zenith bank, Ikeja, and within the aforesaid Judicial Division, not being authorized dealers of foreign exchange currency appointed by the Central Bank of Nigeria pursuant to Section 5(1) of Foreign Exchange Miscellaneous (Provisions) Act CAP F35 LFN 2004, negotiated a Foreign Exchange transaction to wit: the sum of N100,000,000 (One Hundred Million Naira) from Mr. Charles Oyakhilome and you there by committed an offence contrary to Section 5 and 29(1) of the Foreign Exchange Monitoring and Miscellaneous (Provision) Act Cap F34 LFN 2004 and punishable under Section 29(2) of the sare Act.
“David Onaolapo, Tigerwit Africa Limited, and others at large, on or about the 19″ day of January, 2021 at the same place and within the aforesaid Judicial Division, not being authorized dealers of foreign exchange currency appointed by the Central Bank of Nigeria pursuant to Section 5(1) of Foreign Exchange Miscellaneous (Provisions) Act CAP F35 LFN 2004, negotiated a Foreign Exchange transaction to wit: the sum of USD250,000,000 (Two Hundred and Fitty Thousand United States Dollars) from Mr. Charles Oyakhilome and you there by committed an offence contrary to Section 5 and 29(1) of the Foreign Exchange Monitoring and Miscellaneous (Provision) Act Cap F34 LFN 2004 and punishable under Section 29(2) of the same Act.”
