The Economic and Financial Crimes Commission (EFCC) has prosecuted three individuals and two companies over an alleged theft of N652.18 million, while separately securing the conviction of four persons for illegal foreign exchange transactions and unlawful trading of naira notes.
It also recovered N125 million for a victim of an alleged land fraud in Lagos. The cases were handled by the commission’s Lagos Zonal Directorates 1 and 2 between August 5 and 7, 2026.
At the Special Offences Court sitting in Ikeja, Lagos, the EFCC on Wednesday, arraigned Jacob Acheneje Okolo, Yakubu Wisdom Onu Solomon and Issa Aloba Lateef, alongside Upper-Level Energy Resources and Crescent Integrated and General Merchandise Limited, over an alleged N652,182,601.44 theft.
The defendants were arraigned before Olubunmi Abike-Fadipe on an eight-count charge bordering on conspiracy to steal, stealing and money laundering.
According to the EFCC, the alleged offences occurred between 2022 and 2025 in Lagos and involved funds belonging to Petrocam Trading Nigeria Limited.
One of the counts alleged that Okolo and Upper-Level Energy Resources dishonestly stole and converted N343,765,101.44 belonging to Petrocam Trading Nigeria Limited to their own use.
Another count accused the same defendants of dishonestly stealing and converting an additional N200,932,500 belonging to the company. The defendants pleaded not guilty to the charges.
Following their pleas, defence counsel, C.T. Ahmadu, applied for bail for Okolo, Upper-Level Energy Resources and Solomon, urging the court to grant the applications on liberal terms.
Ahmadu argued that the defendants were presumed innocent until proven guilty and that the alleged offences were bailable.
He also assured the court that the defendants would present witnesses in their defence during trial.
Kola Gbadamosi, Counsel to Lateef and Crescent Integrated and General Merchandise Limited, also made an oral bail application, citing judicial authorities including Alabi v. Federal Republic of Nigeria (2017) and V. Abang v. FRN (2024).
He informed the court that Lateef would call one witness in his defence.
However, the prosecution counsel, I.G. Akhanolu, opposed the bail applications for the first and third defendants, arguing that they had failed to honour invitations extended to them by the EFCC and could therefore be at risk of jumping bail.
Akhanolu also urged the court to impose stringent conditions, particularly because of the amount of money involved in the alleged offences, to ensure the defendants remained available throughout the trial.
The prosecution, however, did not oppose the oral bail application made on behalf of Lateef.
The court subsequently granted Okolo bail in the sum of N200 million, with two sureties resident within the court’s jurisdiction.
Solomon was granted bail in the sum of N50 million, with two sureties who must own landed property within the court’s jurisdiction.
For Lateef, Abike-Fadipe ordered that he should continue to enjoy the administrative bail earlier granted to him by the EFCC pending the determination of a formal written bail application.
The judge directed his counsel to file the written application within seven days.
The court adjourned the case until December 8 and 9, 2026, for commencement of trial.
In a separate development, the EFCC secured the conviction of four persons before the Federal High Court sitting in Ikoyi, Lagos, for offences involving illegal foreign exchange transactions and unlawful trading of naira notes.
Friday Nkemakonam Ogazi, on Friday, convicted and sentenced Ahmad Umar Baros, Aminu Umar Injay, Yusuf Suleimon and Olasunbo Sholanke after they pleaded guilty to separate one-count charges brought against them by the EFCC’s Lagos Zonal Directorate 1.
Baros was charged with engaging in a foreign exchange transaction outside the official foreign exchange market, contrary to the provisions of the National Economic Intelligence Committee (Establishment etc) Act, 1994.
Suleimon and Sholanke were separately charged with the illegal sale and trading of naira notes issued by the Central Bank of Nigeria.
The four defendants pleaded guilty after the charges were read to them.
Following the guilty pleas, prosecution counsel reviewed the facts of the cases and urged the court to convict and sentence the defendants accordingly.
Justice Ogazi subsequently found all four defendants guilty.
Baros was sentenced to two months’ imprisonment, while Injay, Suleimon and Sholanke were each sentenced to six months’ imprisonment, with an option of N100,000 fine each.
Meanwhile, the EFCC has handed over N125 million recovered from an alleged land-fraud case to the victim, Akinsewa Akiode.
The money was handed over in Sterling Bank drafts on Thursday, by the commission’s Lagos Zonal Directorate 2 in Ikoyi.
The recovery followed a petition by Akiode alleging that Olufemi Omoola Fashehun defrauded him of N125 million under the pretext of selling him a 550-square-metre parcel of land at No. 10, Kudirat Abiola Way, Oregun, Lagos State.
According to the petitioner, Fashehun allegedly concealed the existence of a pending court case involving the property, which had been before the court since 2011.
The EFCC said its investigation established that Fashehun had been served with several court processes, including injunctions restraining construction on the property, but allegedly failed to disclose the information before collecting the purchase money.
The petitioner consequently lost both the property and developments under construction on the land, prompting him to approach the EFCC.
Following the investigation, the commission said it recovered the N125 million from the suspect and returned the money to Akiode as restitution.
Speaking during handover, Bawa Kaltungo, Acting Zonal Director of the Lagos Zonal Directorate 2, Assistant Commander of the EFCC, reaffirmed the commission’s commitment to investigating economic and financial crimes, recovering proceeds of crime and ensuring restitution to victims where appropriate.
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