N710m Fraud: Lagos Banker, Seven Others Arraigned Over Alleged Money Laundering, Forged Documents
Daud Olatunji
A banker and seven other defendants have been arraigned before the Federal High Court in Lagos over an alleged N710m proof-of-funds fraud involving the suspected diversion of funds placed under Post-No-Debit (PND) restrictions in eight designated bank accounts.
The defendants are facing a 12-count charge following an investigation by the Police Special Fraud Unit, Lagos, into allegations of conspiracy, fraudulent transactions and the suspected laundering of proceeds of crime.
According to the police, the investigation uncovered suspicious financial movements allegedly facilitated by a senior relationship officer, Emmanuel Obinyan Osenonome, in collaboration with Egharevba Emmanuel Osagioduwa.
The police alleged that the banker conspired with Osagioduwa to obtain the cooperation and personal identification details of other individuals, which were subsequently used to facilitate the opening of accounts suspected to have been deployed in the alleged scheme.
The development was disclosed in a statement issued on Wednesday by the Public Relations Officer of the PSFU, DSP Ovie Kenneth Ewhubare.
The police said the investigation began after a petition was submitted to the Commissioner of Police over the alleged fraudulent disbursement of N710m placed under PND restrictions across eight designated accounts.
A Post-No-Debit restriction is a banking measure that prevents withdrawals and certain debit transactions from an account.
The police said forensic analysis conducted by the Corporate and Public Accounts Fraud Section of the unit traced significant movements of the suspected proceeds to accounts linked to individuals allegedly connected with the principal suspect.
Those identified in the investigation included Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, who was described as a sibling of Osenonome, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, identified as Osenonome’s wife.
The defendants named in the charge are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.
Beyond the alleged movement of funds across multiple accounts, investigators reportedly identified several assets suspected to have been acquired with proceeds of the alleged fraud.
According to the police, the assets included a 2020 Lexus RX 350 valued at N25m, two Toyota Camry cars valued at N8m each and a plot of land in Magodo Phase I, Lagos, reportedly purchased for N40m.
The investigation also allegedly uncovered the use of disputed or forged proof-of-funds documents, indemnity papers and PND-related documents to facilitate the transactions.
The documents are suspected to have played a role in the alleged fraudulent disbursement of the restricted funds.
The police further alleged that part of the suspected proceeds was used to settle personal financial obligations, finance gambling activities and invest N40m in CIBEX trading.
Investigators also reportedly traced funds allegedly used to establish and operate a spa and beauty business, which was said to have been furnished at a cost of about N60m.
The police did not provide further details in the statement on the individual amounts allegedly spent on gambling and personal obligations or the precise roles each defendant was accused of playing in the transactions.
The Commissioner of Police in charge of the PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to conducting thorough and evidence-based investigations into suspected financial crimes, particularly complex transactions and alleged abuses of banking procedures.
Okpoziakpo said the unit would continue to pursue financial crime investigations through lawful procedures, ensuring that relevant evidence was properly obtained, documented and presented before a competent court.
