Lagos court resumes trial of $950,000 forex fraud allegations Nov 12

Forex

Lagos court resumes trial of $950,000 forex fraud allegations Nov 12

The Federal High Court sitting in Lagos will, on November 12, resume the trial of five defendants for alleged conspiracy to defraud, and obtain $950,000 from a businessman, Nnamdi Ezenwa, under false pretence.

The businessman is the prosecution’s star witness, while first to fifth defendants are Chibueze Ojeh, Obinna Nwosu, Emeka Njoku, Castle Equipment & Logistic Ltd and the bank.

They are being prosecuted by Inspector-General of Police before Justice Deinde Dipeolu on a five-count amended charge in FHC/AWK/C/25/2020.

Ezenwa, managing director and chief executive officer of Vinna Investment Limited, alleged he was duped of the $950,000 in a fraudulent forex deal, a charge the defendants – three persons, a firm and a bank – denied during their arraignment earlier in the year.

At the resumed trial on July 23, prosecution counsel, Abdulmoruf Animashaun, who held the brief of Simon Lough (SAN) informed the court the defendants were being prosecuted on a third amended charge, adding the case ought to be expeditiously heard.

First prosecution witness Ezenwa said he was called sometime in 2014 by his account officer in the bank that a customer had $1.9 million to sell.

Led in evidence by the prosecutor, the witness said the account officer was aware Ezenwa needed dollars to send to Italy for importation of toothpaste.

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He testified that he called his company’s accountant to go to the bank’s Aba branch to confirm the situation. The latter did.

“I then went to meet the bank’s Branch manager, account officer and customer that wanted to sell the dollars, together with my company’s accountant.

“I bought the $1.9 million as recommended by UBA but $950,000 of it was fake.

“I demanded that my money be returned to me, but every effort proved abortive,” Ezenwa added.

When Dr. D.A. Awosika (SAN), counsel to first defendant, objected to the tendering of some documents, the prosecution counsel urged the court to adjourn the case to enable him regularise the position.

Justice Dipeolu adjourned till November 12 and 14.

Count two of the charge against the defendants read:

“That you, Chibueze Ojeh, ‘M’ 40 years, managing director and chief executive officer of Castle Equipment & Logistics Limited of Lekki County Homes, Westend Estate Road 4, House 4, Lekki Lagos State;

Obinna Nwosu ‘M’ 45 years of No. 1 Shofidiya Close, Adegoke Estate, Masha Roundabout, Surulere, Lagos, Emeka Njoku “M 41years, former Staff and marketer with United Bank for Africa Plc, of No. 3 Azikiwe Road, Port Harcourt, Castle Equipment & Logistics Ltd and United Bank for Africa Pic;

Onyinyechi Oraegbunem ‘F’ former branch manager of UBA Aba branch, and Pamela Onaga, former staff of UBA Plc Aba branch/account officer to Nnamdi Ezenwa, now at large, between April 3, 2013 and June 31, 2013 in Lagos and Aba, with intent to defraud Chief Nnamdi Ezenwa, managing director and chief executive officer of Vinna Investment deceitfully induced Chief Nnamdi Ezenwa that you have dollars to sell to him at a lower rate of N159.00 per dollar and deceitfully collected N294,150,000,00 equivalent to $1,850,000 from him on the pretence that you will transfer the dollars equivalent to his customers in Italy.

But having collected N294,150,000,00, you transferred only $900,000 equivalent to N143.100,000.00 and converted $950,000 Dollars, equivalent to N151,000,000.00 to your use.

You thereby committed offence contrary to Section 1(1) and punishable under Section 1(3) of the Advance Fee Fraud and Other Related Offences Act 2006.