NIGERIA: EFCC Arraigns Lawyer Over Alleged ₦1.3bn Forex Fraud In Uyo

By Onoja Baba, Nigeria

The Economic and Financial Crimes Commission (EFCC) has arraigned a legal practitioner, Barrister Alexander Uchenna Ozougwu, before the Federal High Court in Uyo, Akwa Ibom State, over an alleged ₦1.3 billion foreign exchange scam.  

Ozougwu was brought before Justice Sergius Onah on Wednesday, February 12, 2025, on a six-count charge of obtaining money by false pretence, violating Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022. 

The EFCC accused him of defrauding multiple victims through a fraudulent forex investment scheme.  

According to the charges, Ozougwu allegedly took possession of ₦268.85 million in September 2024 and ₦213 million in July 2024, funneling the funds through an account under the name Starlight Attorneys. 

The prosecution argued that the defendant knowingly handled proceeds from an unlawful act, making him liable under the law.  

The accused pleaded not guilty to all charges. The EFCC’s counsel, Joshua O. Abolarin, requested the court to remand him in a correctional facility and fix a date for trial. 

However, the defense counsel, C. M. Onuchukwu, urged the court to grant Ozougwu bail on self-recognizance, assuring that he would be available for trial.  

After hearing both arguments, Justice Onah granted bail set at ₦500 million with two sureties in like sum. 

The sureties must be civil servants of at least grade level 12 with landed properties within the court’s jurisdiction. 

Additionally, Ozougwu was ordered to submit his international passport and two recent passport photographs.  

The charges stem from complaints by four petitioners who alleged that Ozougwu falsely claimed to be a licensed bureau de change operator with the Central Bank of Nigeria. 

Gaining their trust, he allegedly accessed their betting accounts, promising to fund them but instead diverting the money. 

Investigations revealed that he was running a Ponzi scheme disguised as a forex exchange business, with a large portion of the stolen funds funneled into betting platforms.  

The court has adjourned the case to March 31, 2025, for trial.