Reported by: Ijeoma .G | Edited by: Henry Owen
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) arraigned Akinwunmi Fayose and his company, Precision Deep Water W.A. Limited, before Justice Alexander Owoeye of the Federal High Court, Ikoyi, Lagos, on Friday, October 3, 2025, over alleged illegal foreign exchange transactions.
The defendants are facing a one-count charge for engaging in foreign exchange dealings outside the official market, an offence contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994. The charge alleges that in October 2024, Fayose and his company carried out transactions outside the legal forex framework within the Lagos jurisdiction.
Upon reading the charge, Fayose pleaded “not guilty.” The prosecuting counsel, Fanen Anum, subsequently requested a trial date and called for the defendant to be remanded at a Correctional Centre.
On his part, the defence counsel, Collins Ovat, filed an oral application seeking bail for his client and requested an early trial commencement date. However, the prosecution opposed the bail request, citing the absence of a formal application before the court.
After hearing submissions from both sides, Justice Owoeye adjourned the case to October 29, 2025, for the commencement of trial. The court also ordered the immediate remand of Fayose at a Correctional Centre pending trial.
Legal observers note that the arraignment underscores EFCC’s commitment to enforcing compliance with Nigeria’s foreign exchange regulations, particularly measures designed to prevent illicit financial flows and ensure adherence to official forex channels.
The case is expected to attract attention due to its implications for corporate compliance with financial regulations and the responsibilities of business operators engaging in foreign currency transactions in Nigeria.
Authorities have reiterated that the enforcement of forex regulations is critical for stabilizing the Nigerian economy and curbing activities that undermine the official financial system. Meanwhile, stakeholders continue to monitor the proceedings closely as the trial date approaches.
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