Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Economic and Financial Crimes Commission, Lagos Zonal Directorate 2, has arraigned two individuals and a company before a Lagos State High Court for allegedly stealing N560,000,000 (Five Hundred and Sixty Million Naira) belonging to a private firm and its director. The defendants pleaded not guilty, and the court ordered their remand in correctional facilities pending the hearing of their bail applications.
The defendants are Olivia Dike, Azeez Muniru Siyanbola, and Eniafelamo Global Seven Nigeria Limited. They were arraigned on Monday, June 8, 2026, before Justice R.O. Oshodi of the Lagos State High Court sitting in Ikeja, Lagos. A fourth suspect, Taoheed Lekan Abdrahman, is still at large, according to the charge sheet.
The defendants face a three‑count charge bordering on stealing, contrary to Sections 278(1)(b) and 285(9) of the Criminal Law of Lagos State, 2011. One of the counts reads: “That you, Olivia Dike, Azeez Muniru Siyanbola, Eniafelamo Global Seven Nigeria Limited and one Taoheed Lekan Abdrahman (at large), between July 2024 and February 2025 at Lagos, within the jurisdiction of this honourable court, dishonestly stole and converted to your use the cumulative sum of N560,000,000.00 (Five Hundred and Sixty Million Naira only), property of Peachland West Africa Limited and Lyke Stephen Okpaji, thereby committing a crime, Stealing, contrary to Sections 278(1)(b) and 285(9) of the Criminal Law of Lagos State, 2011.”
When the charges were read to them in open court, all three defendants pleaded not guilty.
Following their pleas, prosecution counsel Nnaemeka Omewa asked the court for a trial date and requested that the defendants be remanded in a correctional facility pending the conclusion of the case. Omewa noted that the alleged offence involved a substantial sum of money and that one of the suspects was still at large, making it necessary to ensure the availability of the defendants for trial.
Justice Oshodi adjourned the case until July 10, 2026, for the hearing of the bail applications and the commencement of trial. The judge ordered that the first defendant, Olivia Dike, be remanded in a female custodial centre, while the second defendant, Azeez Muniru Siyanbola, be remanded in a maximum‑security correctional facility. The third defendant, Eniafelamo Global Seven Nigeria Limited, is a corporate entity and therefore not subject to physical detention, though it remains a party to the proceedings.
The EFCC’s investigation, according to sources familiar with the case, began after a petition was filed by Peachland West Africa Limited and its director, Lyke Stephen Okpaji, alleging that the defendants conspired to divert funds meant for a business transaction. The money was allegedly transferred in multiple tranches between July 2024 and February 2025, with the defendants using the corporate account of Eniafelamo Global Seven Nigeria Limited as a conduit. The fourth suspect, Taoheed Lekan Abdrahman, is believed to have played a coordinating role in the alleged fraud and remains the subject of a manhunt by the anti‑graft agency.
The EFCC has increasingly focused on cases of corporate theft and misappropriation of funds involving both individuals and companies, particularly those where complex financial transactions are used to obscure the trail of stolen money. In this case, the commission’s investigators traced the movement of N560 million from the accounts of Peachland West Africa Limited to the accounts of the defendants and Eniafelamo Global Seven Nigeria Limited, and subsequently to various other entities and individuals. The investigation is ongoing, and more charges may be filed as additional evidence emerges.
The defence lawyers, whose names were not immediately disclosed, declined to comment on the case after the proceedings, stating that they would present their arguments during the bail application hearing scheduled for July 10. Legal experts note that the defendants are likely to argue that the funds were legitimately transferred as part of a business agreement, and that no criminal intent existed. The prosecution, on the other hand, will be expected to present documentary evidence, bank statements, and witness testimony to establish that the transfers were fraudulent and without the consent of the owners of the funds.
The case has drawn attention to the growing sophistication of financial fraud in Nigeria, where individuals and corporate entities exploit the banking system to divert large sums of money under the guise of legitimate transactions. The EFCC has repeatedly warned companies and individuals to conduct due diligence before entering into financial agreements, and to report any suspicious activity to the commission.
As of Tuesday, June 9, the fourth suspect, Taoheed Lekan Abdrahman, remains at large. The EFCC has urged anyone with information about his whereabouts to contact its nearest office. The commission has also assured the public that it will continue to pursue all leads until all suspects involved in the alleged fraud are brought to justice.
The adjournment to July 10 means the trial will not begin for at least another month. In the meantime, the two individual defendants will remain in custody, and the corporate defendant will be represented in subsequent hearings. The outcome of the bail applications will determine whether they will be released pending trial or remain behind bars as the EFCC builds its case.
For the complainants, Peachland West Africa Limited and its director, the arraignment represents a significant step toward recovering the stolen funds. However, with the defendants pleading not guilty and a fourth suspect still on the run, the road to justice may still be long.
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