The Economic and Financial Crimes Commission has arraigned Otobor Onajefe before an Ikeja Special Offences Court on charges of alleged N37.4 million fraud.
This is according to a statement from the anti‑graft agency on Monday.
Onajefe was accused of defrauding individuals and converting funds to his personal use.
What the EFCC said
According to the EFCC, the case began after the commission received credible information and opened an investigation into suspicious financial transactions involving nearly N37.4 million.
Investigators alleged that Onajefe and his co‑accused exploited trust to persuade alleged victims, identified as Mr Omotayo Oyebanji and Mr Ernest Adeii, to part with the funds under false pretences.
The EFCC’s probe followed standard intelligence‑gathering and review of financial records that pointed to irregularities, leading to the drafting of formal charges against him.
Onajefe was arraigned on a two‑count charge alleging conspiracy and stealing, contrary to Sections 409 and 285 of the Criminal Law of Lagos State, 2011.
- One count accused him and an associate, Philip Onobrakpe, still at large, of conspiring in 2023 in Lagos to defraud two men of N37.4 million.
- The second count alleged that he converted the sum to his personal use.
- The commission said he pleaded not guilty to the charges and opposed his bail application, noting the prosecution intends to file a reply on points of law and that the defendant had previously been difficult to locate for arraignment.
More insights
EFCC counsel, Mr Temitope Banjo, requested a trial date and urged the court to remand Onajefe in a correctional facility.
- Banjo opposed the bail application, noting that although the charge had been filed earlier, the bail application was only served on the prosecution on the morning of the arraignment. He also added that the defendant had previously been difficult to locate for arraignment.
- In response, defence counsel, Mr Samuel Danni, told the court that a bail application dated February 6 had been filed and served on the prosecution the same morning. He requested permission to move the application and sought a short adjournment for the court’s convenience.
- Justice Mojisola Dada adjourned the matter to February 26 for the hearing of the bail application and ordered that Onajefe be remanded in a correctional centre pending further proceedings.
What you should know
The EFCC has secured other convictions in high‑profile fraud cases in the past, showing its continued focus on financial crimes.
- A former banker, Goni Yilkan, was jailed for eight years for his role in a N120.5 million job scam where he allegedly obtained money by false pretence from multiple job seekers. The court found that he took payments for promised employment opportunities that never materialised.
- In January, the EFCC prosecuted Victor Ogiemwonyi and Partnership Securities Limited for diverting proceeds from a share sale worth nearly N1 billion and $80,000. The Lagos State High Court convicted the defendants of stealing the funds and ordered restitution alongside fines.
- The commission has also been active in multi‑million‑dollar cases involving foreign victims. They arraigned a man accused of defrauding Americans of more than $525,000 through a fake investment scheme, underlining the agency’s reach into cross‑border fraud enforcement.
