The Economic and Financial Crimes Commission (EFCC) has arraigned Abiodun Maccarthy before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, over allegations of stealing and forgery amounting to N423 million.
Maccarthy faces a four-count charge bordering on stealing and forgery, contrary to Section 278 and 361 (1) of the Criminal Law of Lagos State 2011. According to the charges, Maccarthy allegedly converted N423 million to his own use, which was part of N650 million paid to him by Great Endurance Bureau De Change for a fixed deposit investment with Polaris Bank.
The EFCC alleges that Maccarthy forged a Polaris Bank Plc fixed deposit investment certificate with slip no. 332540 and issued it to Great Endurance Bureau De Change as evidence of investment. The prosecution alleges that Maccarthy's actions were done with intent to defraud.
Maccarthy pleaded "not guilty" to the charges. The prosecution counsel, B. M. Isah, asked the court for a trial date and prayed the court to order the remand of the defendant in a Correctional Centre. Justice Dada adjourned the case till October 22, 2025, and ordered the remand of Maccarthy in a Correctional Centre.
The EFCC's efforts to bring Maccarthy to justice demonstrate the agency's commitment to combating financial crimes and protecting the integrity of the financial system. The EFCC's investigation and prosecution of the case highlight the agency's determination to hold individuals accountable for their actions.
The case will proceed to trial on October 22, 2025. The prosecution will present its case against Maccarthy, and the defendant will have the opportunity to defend himself. The outcome of the trial will determine Maccarthy's fate and the consequences of his alleged actions.
The EFCC's arraignment of Maccarthy for alleged N423m fraud highlights the agency's commitment to fighting financial crimes. The case serves as a reminder of the importance of integrity and accountability in financial transactions. The outcome of the trial will be closely watched, and the EFCC's efforts will continue to ensure that justice is served.
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