EFCC Arraigns Uyo Lawyer Over Alleged N1.3bn Fraud Through Forex Ponzi Scheme

The Economic and Financial Crimes Commission (EFCC) has arraigned a legal practitioner, Alexander Uchenna Ozougwu, before the Federal High Court in Uyo, Akwa Ibom State, over alleged involvement in a N1.3 billion forex investment fraud.

According to a statement by Dele Oyewale, EFCC’s Head of Media & Publicity, the accused was charged with six counts relating to money laundering and obtaining money under false pretenses. The charges stem from claims that Ozougwu operated a bogus foreign exchange investment scheme, misleading investors and diverting funds.

The EFCC alleges that between July and September 2024, Ozougwu acquired over N1.3 billion through fraudulent means. One charge specifies that he collected N268,850,000 through an account named Starlight Attorneys, funds suspected to be proceeds of unlawful activities. Another charge highlights a transaction involving N213,000,000 in July 2024, similarly funneled through the same account.

When the charges were read, Ozougwu pleaded not guilty. The prosecution, led by Joshua O. Abolarin, requested the defendant’s remand in a correctional facility and a trial date. Meanwhile, the defense counsel, C. M. Onuchukwu, applied for bail on self-recognizance, assuring the court of the defendant’s availability for future proceedings.

Presiding Judge, Justice Sergius Onah, granted bail set at N500 million, with two sureties of grade level 12 or higher in the civil service, who must own landed properties within the court’s jurisdiction. Additionally, the defendant was required to submit his international passport and two passport-sized photographs.

Details of the Fraudulent Scheme

Investigations revealed that Ozougwu posed as a registered Bureau de Change operator, convincing victims to share access to their betting accounts under the pretense of funding them. However, instead of fulfilling his promises, he reportedly diverted over N1.3 billion into personal and betting accounts.

The EFCC launched the investigation after receiving complaints from four petitioners who suffered financial losses. The commission’s probe confirmed that the funds were funneled into various betting platforms under a Ponzi-like structure, ultimately leading to the massive fraud.

Justice Onah adjourned the case until March 31, 2025, for trial continuation.

For more on Nigeria’s latest fraud cases and anti-corruption efforts, visit the EFCC’s official website.