The Police Special Fraud Unit (PSFU) in Lagos has arraigned a banker and seven other defendants before the Federal High Court over an alleged ₦710 million financial fraud involving disputed banking documents, suspicious transactions and the suspected diversion of funds. Investigators also identified luxury vehicles, landed property and business investments allegedly connected to the proceeds of the transactions.
The defendants were arraigned on October 2, 2026, before Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos. The Police Special Fraud Unit subsequently confirmed details of the case in a statement issued on Wednesday, October 14, through its spokesperson, Deputy Superintendent of Police Ovie Kenneth Ewhubare. The eight defendants face a 12-count amended charge involving conspiracy, alleged fraudulent conversion, concealment of funds and related financial offences.
Those arraigned 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. All eight pleaded not guilty to the charges brought against them.
According to the police, the investigation began after a petition was submitted to the Commissioner of Police concerning the alleged fraudulent disbursement of ₦710 million. The money had reportedly been placed under Post-No-Debit restrictions across eight designated bank accounts, an arrangement intended to prevent unauthorised withdrawals or transfers.
The investigation identified Emmanuel Obinyan Osenonome, described as a banker and Senior Relationship Officer, as a principal suspect. Police alleged that he collaborated with Egharevba Emmanuel Osagioduwa to obtain personal identification information from other individuals and facilitate the opening of accounts subsequently linked to the disputed transactions.
Investigators alleged that the accounts were used to receive, transfer or conceal money connected to the suspected fraud. The allegations remain subject to judicial determination, and the police have not established the defendants' guilt merely by tracing transactions to accounts associated with them.
Court proceedings provided further details about the alleged arrangement. Prosecutor Momoh Yakubu, a Chief Superintendent of Police, told the court that the offences were allegedly committed around June 16, 2026, in Lagos. He identified ETF Nigeria Limited and Grey Star Capital as the entities from which the disputed funds were allegedly obtained.
According to the prosecution, the money was presented as funding that would be held under a banking arrangement to demonstrate financial capacity. The defendants allegedly represented that the money would remain under a lien and subsequently be returned with interest.
The prosecution contended that the arrangement was instead used to divert the funds through different beneficiary accounts. It also alleged that proof-of-funds documents, indemnity documents, signatures and Post-No-Debit instructions had been forged or altered to facilitate the transactions.
Proof-of-funds arrangements are commonly used to demonstrate that an individual or organisation has access to a specified amount of money. In legitimate transactions, the supporting documents must accurately reflect the relevant financial position and comply with the conditions governing the funds.
Post-No-Debit restrictions, meanwhile, are intended to prevent withdrawals or other debit transactions from an account while the restriction remains effective. The allegations in this case concern whether those controls and associated documents were improperly manipulated to facilitate the movement of money.
The PSFU said forensic examination by its Corporate and Public Accounts Fraud Section identified substantial movements of the suspected proceeds through accounts connected to individuals associated with Osenonome.
Those named during the investigation included Nweke Nnamdi Emmanuel, Egharevba Emmanuel Osagioduwa, Obinyan Ebehiemen Doris, identified as a sibling of Osenonome, and Esther Olohitare Obinyan, identified as his wife.
The police statement did not establish that every person mentioned during the forensic investigation was among those arraigned. The eight defendants are those specifically identified in the court proceedings and the official announcement.
Prosecutors alleged that Esther Obinyan acquired or took possession of approximately ₦263 million, while Nweke Nnamdi Emmanuel allegedly received ₦279.7 million connected to the disputed transactions.
Other counts concerned separate sums allegedly received or concealed through accounts linked to individual defendants. Aghatise Kelvin was accused of acquiring ₦90 million, while Egharevba Emmanuel allegedly acquired and concealed ₦95 million.
Elvis Eghile and Egharevba MaryJane were accused of concealing or disguising the origins of ₦85 million and ₦93 million respectively. Precious Irbhogbe was separately accused of acquiring or possessing ₦87 million.
These figures represent allegations relating to different transactions and accounts within the prosecution's case. They should not automatically be added together as separate losses because the same funds may have moved through multiple accounts.
The police also disclosed the identification of assets suspected to have been purchased with proceeds of the alleged fraud. They included a 2020 Lexus RX 350 valued at ₦25 million and two Toyota Camry vehicles valued at approximately ₦8 million each.
Investigators further identified a plot of land in Magodo Phase I, Lagos, reportedly purchased for ₦40 million. The PSFU described the assets as connected to its financial investigation, although the available statement did not establish that a court had ordered their final forfeiture.
Additional findings allegedly linked portions of the disputed money to personal financial obligations, gambling activities and commercial investments. Police specifically identified ₦40 million allegedly invested in CIBEX trading and approximately ₦60 million reportedly used to establish and furnish a spa and beauty business.
The existence of those investments does not independently establish criminal wrongdoing. Their relevance to the prosecution depends on whether investigators can demonstrate that the funds originated from unlawful transactions and were knowingly acquired or concealed by the persons charged.
The amended charges reportedly cite provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Miscellaneous Offences Act.
Following the defendants' not-guilty pleas, the prosecution requested a trial date and their remand pending further proceedings. Defence lawyers sought an early hearing for bail applications.
Justice Lewis-Allagoa ordered the defendants remanded and adjourned proceedings until October 13 for consideration of their bail applications. The subsequent police statement did not provide a confirmed outcome of that scheduled hearing.
The Commissioner of Police in charge of the Special Fraud Unit, Eloho Edwin Okpoziakpo, reaffirmed the unit's commitment to investigating complex financial crimes and suspected abuses of banking procedures.
He emphasised the importance of obtaining, documenting and presenting evidence through lawful investigative processes before the appropriate courts.
The case draws attention to the safeguards surrounding restricted bank accounts, customer identification procedures and the authentication of financial documents. It also illustrates the role of transaction tracing in investigations involving suspected money laundering and financial misrepresentation.
However, the allegations against the eight defendants have not resulted in convictions. Their criminal responsibility will depend on the evidence presented during trial and the court's determination of the charges.
For now, the confirmed development is that eight individuals have been arraigned over the disputed ₦710 million, all have denied wrongdoing, and the matter remains before the Federal High Court in Lagos.
📩 Stone Reporters News | 🌍 stonereportersnews.com ✉️ info@stonereportersnews.com | 📘 Facebook: Stone Reporters News | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments