EFCC Arraigns Lawyer For Alleged N1.3bn Forex Fraud

The Economic and Financial Crimes Commission, EFCC, Uyo Zonal Directorate, on Wednesday, February 12, 2025, arraigned a legal practitioner Barrister Alexander Uchenna Ozougwu before Justice Sergius Onah of the Federal High Court sitting in Uyo, Akwa Ibom State, for allegedly defrauding his victims to the tune of N1, 323, 850. 000. 00 (One Billion, Three Hundred and Twenty Three Million, Eight Hundred and Fifty Thousand Naira) through a bogus foreign exchange investment scheme.

He was arraigned on six –count charges bordering on obtaining money by false pretence in contravention of  provisions of Section 18(2)(d) of the Money laundering (Prevention and Prohibition) Act 2022.

Count one of the charges against him reads;

“That you Alexander Uchenna Ozogwu sometime in September 2024 in Nigeria, within the jurisdiction of this Honorable Court, did take possession of the total sum of Two Hundred and Sixty Eight Million, Eight Hundred and Fifty Thousand Naira Only (-N=268,850,000) through a bank account with account name- STARLIGHT ATTORNEYS which you knew formed proceeds of an unlawful act to wit: obtaining money by false pretence and thereby committed an offence contrary to Section 18(2)(d) of the Money laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act’.

Count two reads, “That you Alexander Uchenna 0zougwu sometime in July, 2024 in Nigeria, within the jurisdiction of this Honorable Court, did take possession of the total sum of Two Hundred and Thirteen Million Naira Only (=N=213,000,000) through a bank account with account name- STARLIGHT ATTORNEYS which you knew formed proceeds of an unlawful act to wit: obtaining money by false pretence and thereby committed an offence contrary to Section 18(2)(d) of the money laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act’.

The defendant pleaded not guilty to the charges when they were read to him , and in view of his plea, prosecution counsel, Joshua O. Abolarin prayed the court to remand the defendant at a Correctional Centre and fix a date for trial, but the defence counsel  C. M.Onuchukwu  quickly informed the  court of a bail application which he said was filed on self- recognizance for the defendant and also assured the court that he shall make himself available for trial.

After listening to both counsels, Justice Onah granted bail in the sum of N500, 000, 000.00(Five Hundred Million Naira only) with two sureties in like sum. The sureties must be civil servants of grade level 12 and above, and must have landed properties within the jurisdiction of the court. The court also ordered the defendant to deposit his international passport and two recent passport photographs with the court.

 Ozougwu was docked on the claims of four petitioners that alleged that he presented himself as a registered bureau de change operator with the Central Bank of Nigeria through which he earned their trust and collected the passwords to their betting accounts and promising that he was going to help them fund their accounts, but ended up diverting their funds.

Investigation into the allegations revealed that the defendant was operating a ponzi scheme under the guise of exchanging dollars for his victims and channelling most of the funds to various betting platforms.  A total of N1, 323, 850. 000. 00 was discovered to have been diverted from the accounts of the petitioners.

The judge adjourned the matter to March 31, 2025 for trial.