The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Dr. Fagite Oladipo and Raymond Akintayo, before the Federal High Court in Lagos on allegations of conspiracy, fraud, and unlawful conversion of N1.55 billion (One Billion, Five Hundred and Fifty Million Naira).

The funds were reportedly obtained from Ocean Lord Limited under the guise of holding a legitimate foreign exchange transaction licence.

Alongside the individuals, EFCC also arraigned two corporate entities, Cabota Power Company Limited and Cabota Group Limited, facing an eight-count charge detailing alleged fraudulent activities that occurred between May 2 and May 15, 2025.

At the start of proceedings, the EFCC counsel requested that the charges be read to the defendants to enable them to enter their plea. Both Oladipo and Akintayo pleaded not guilty to all counts.

According to the charge sheet presented before Justice Daniel Osiagor, the EFCC accused the defendants of conspiring to obtain N1.55 billion under false pretences, claiming they held a valid licence to engage in foreign exchange transactions — a licence the prosecution says did not exist.

The EFCC said the conduct contravenes Section 8 and is punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The anti-graft agency further alleged that the defendants fraudulently converted N464 million belonging to Ocean Lord Limited on May 6, 2025. The sum was reportedly divided into four separate amounts: N85 million, N150 million, N208 million, and N121 million. These actions, EFCC stated, violate Sections 383 and 390 of the Criminal Code Act.

In addition to the fraud and theft charges, the defendants were accused of operating as a financial institution without proper authorisation. EFCC claimed that Oladipo and Akintayo conducted bureau de change operations without a licence from the Central Bank of Nigeria (CBN), in breach of Section 57(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.

Following their not guilty plea, the defendants’ counsel, Chief (Dr) Richard Oma Ahonaruogho, SAN, told the court that a formal bail application had been filed and served on the prosecution. EFCC prosecutor Mr. Suleiman requested additional time to prepare a counter-affidavit, noting that the bail documents had only just been received.

When the defence sought an oral bail application, Justice Osiagor declined, citing the need for procedural fairness. The defence then requested that the defendants remain in EFCC custody pending the formal hearing of their bail application, a request the court granted.

The case was adjourned to December 11, 2025, for the hearing of the bail application.