The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two Lagos-based businessmen, Dr Fagite Oladipo and Raymond Akintayo, before the Federal High Court over alleged conspiracy, fraud, and unlawful conversion of N1,550,000,000.
The defendants are accused of obtaining the funds from Ocean Lord Limited under the pretense of holding a valid foreign exchange transaction licence.
The defendants appeared alongside two corporate entities, Cabota Power Company Limited and Cabota Group Limited, facing an eight-count charge detailing the alleged offences, which reportedly occurred between May 2 and May 15, 2025. Upon the reading of the charges, both Oladipo and Akintayo pleaded not guilty.
EFCC counsel Mr Suleiman told the court the funds were allegedly solicited under false pretences, adding that the defendants carried out the transactions knowing they lacked the required licence.
“The defendants are accused of converting N464 million of Ocean Lord Limited’s funds for personal use, and operating as a financial institution without approval from the Central Bank of Nigeria,” he stated.
The defendants’ lawyer, Chief (Dr) Richard Oma Ahonaruogho, SAN, confirmed that a formal bail application had been filed. However, the court adjourned consideration of the bail to December 11, 2025, allowing the defendants to remain in EFCC custody until the hearing.
Justice Daniel Osiagor presided over the proceedings, ensuring procedural fairness while maintaining that the formal bail application would be addressed at the next hearing.
