A Lagos-based businessman, Fowowe Olanrewaju Akinola, has been arraigned before a Federal High Court, Lagos, over an alleged N16.541, 950 million Forex fraud, by the Police Special Fraud Unit (PSFU), Ikoyi, Lagos.
The businessman was arraigned before the court presided over by Justice Ibrahim Ahmad Kala on a six count-charge of alleged conspiracy, obtaining by false pretence, fraudulent conversion, and money laundering.
The prosecutor, Barrister M. I. Awolowo, a Chief Superintendent of Police (CSP) informed the court that the defendant and his accomplice said to be at large, allegedly orchestrated the scheme between November 18 and December 1, 2025, within Lagos State.
The prosecutor alleged that the Businessman and his accomplice conspired among themselves to deceive unsuspecting victims by promising to convert large sums of naira into United States dollars, a representation they knew to be false.
Specifically, the defendant was alleged to have fraudulently obtained the sum of N11, 541, 950 million and N5 million respectively, from the duo of Dewunmi Ajaguna and Rabiu Yau, who were introduced to the defendant through Oni Festus.
The monies were said to have been paid into the Access Bank’s account of one Pearl Akwaeke-Eke, who defendant falsely presented as his wife, in order to facilitate the alleged fraudulent transaction.
The defendant was alleged to have fraudulently converted the money for his personal use, instead of converting it to United America dollars as promised.
The defendant’s alleged crimes, according to the prosecutor, contravened Section 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022 and are punishable under the same Act. And Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. And Section 1(1)(c) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The defendant denied the allegations and pleaded not guilty to the charges.
Based on his not guilty plea, the prosecutor asked the court for a trial date, as well, and prayed the court to remand him in the custody of the Nigerian Correctional Services NCoS pending the conclusion of the matter.
But the defendant’s lawyer, Barrister Nonso Azih, told the court that he is yet to file his client’s bail application. Hence, he prayed the court for a short date
However, Justice Kala, after listening to the counsels’ submissions, adjourned the matter to June 17, for trial. While ordering that the defendant be remanded in the facility of the NCos.
