Korede Abdullah in Lagos
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, for allegedly defrauding his victims of N1, 323, 850. 000. 00 through a bogus foreign exchange investment scheme.
Ozougwu was arraigned on six-count charges bordering on obtaining money by false pretence, in contravention of the Money Laundering (Prevention and Prohibition) Act 2022. According to the charges, Ozougwu allegedly took possession of large sums of money through his bank account, knowing that they formed part of an unlawful act.
The defendant pleaded not guilty to the charges, prompting prosecution counsel, Joshua O. Abolarin, to request that the court remand Ozougwu at a Correctional Centre and fix a date for trial.
However, the defence counsel, C. M. Onuchukwu, informed the court of a bail application, assuring that Ozougwu would make himself available for trial. After listening to both counsels, Justice Sergius Onah granted bail in the sum of N500, 000, 000, with two sureties in like sum.
Justice Onah said the sureties must be civil servants of grade level 12 and above and must have landed properties within the jurisdiction of the court. The judge also ordered the defendant to deposit his international passport and two recent passport photographs with the court.
Investigations revealed that Ozougwu was operating a ponzi scheme, posing as a registered bureau de change operator with the Central Bank of Nigeria.
He allegedly collected passwords to his victims’ betting accounts, promising to help fund them, but instead diverted their funds to various betting platforms. A total of N1, 323, 850. 000. 00 was discovered to have been diverted from the accounts of four petitioners.
Justice Onah, therefore, adjourned the matter to March 31, 2025, for trial.
