EFCC arraigns man for alleged ₦101m forex fraud

News Agency Of Nigeria

May 10, 2023 8:59 PM

The EFCC also said the suspect collected $37,314 from one Faisan Haruna, who he promised to give the Naira equivalent, but failed.

EFCC arraigns man for alleged ₦101m forex fraud. [Twitter:EFCC]

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned one Muhammed Usman for allegedly defrauding a man of ₦34.3 million on the pretext of supplying him the dollar equivalent.

The News Agency of Nigeria (NAN) reports that Usman was arraigned alongside his company, Masha Allah International Resources Ltd. on a five-count charge bordering on obtaining money by false pretences and stealing.

He, however, pleaded not guilty to the charge.

Following his not-guilty plea, EFCC counsel, Ahmed Yerima, prayed the court for a trial date to enable prosecution team to assemble witnesses.

Yerima also prayed the court to remand the defendant in a custodial facility.

Defence counsel, Jamiu Bashir, however, prayed the court to remand the defendant in EFCC custody.

Bashir told the court that defence was in the process of bringing a formal bail application before the court.

According to the EFCC, Usman deceitfully induced one Abdullahi Dalhatu of Yarinya and Co. Farms Ltd. to pay ₦34.35 million into his Access Bank account on the pretext of giving him the dollar equivalent at the rate of 685 Naira per dollar.

The commission said that the defendant knew that he was deceiving his alleged victim.

NAN reports that EFCC also arraigned Usman before the same court on a separate charge (four counts) bordering on obtaining by false pretences and stealing.

It alleges that the defendant deceitfully obtained ₦67.6 million through his Providus Bank account from one Suleiman Bashiru on the pretext that he had the dollar equivalent and would give him at the rate of 675 Naira per dollar.

The commission said that the defendant knew the representation to be false.

The EFCC also said that Usman collected $37,314 from one Faisan Haruna, who he promised to give the Naira equivalent, but failed.

The alleged offences contravene Sections 1 (1) (a) 1 (3) of the Advanced Fee Fraud and other Related Offences Act of 2006, and Sections 278(1)(2)and 285(1) of the Criminal Law of Lagos State, 2015.

Justice Ismail Ijelu adjourned the case until June 19 for the commencement of trial.

News Agency Of Nigeria