EFCC ARRAIGNS ONE FOR N700M FRAUD IN LAGOS . (PHOTO).#PRESS RELEASE

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 EFCC Arraigns One for  N700m Fraud in Lagos  The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, September 4, 2026, arraigned Osaretin Osagiede before Justice Olukayode Ogunjobi of the Lagos State High Court sitting in Ikeja,  over an alleged N700 million fraud. Osagiede is standing trial on a three-count charge bordering on unauthorised access to computer material and receiving stolen property to the tune of N700 million.  Count one reads: “That you Osaretin Osagiede and Zacharia Lorshe (at large), between March, 2025 and January 2026, in Lagos, within the jurisdiction of this Honourable Court, intentionally caused the Ravenpay user accounts' two-factor authentication (2FA) method to be bypassed, with the intent to secure unauthorised access to the bank's data and committed an offence contrary to Section 387 of the Criminal Law of Lagos State 2011. Another counts reads: “That you Osaretin Osagiede and Zacharia Lorshe...

COURT JAILS TWO FOR ILLEGAL NAIRA TRADING IN LAGOS . (PHOTO). #PRESS RELEASE


 Court Jails Two for Illegal Naira Trading in Lagos 


 


Justice A. Aluko of the Federal High Court, Ikoyi, Lagos, on Tuesday, August 18, 2026, convicted and sentenced two persons to six months imprisonment respectively for offences bordering on unlawful trading of naira notes.


 


 The convicts; Mutairu Omowunmi Tawa and Faith Chukwujeku were separately arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on one-count charge each.


 


The charge against Mutairu Omowunmi Tawa reads: “That you, Mutairu Omowunmi female, on or about 25th of July, 2026, at Salamagic Event Centre, Onikan, Lagos, within the jurisdiction of this Honourable court, did sell and trade in the sum of N850,000.00 and thereby committed an offence contrary to Section 21(4) of the Central Bank Nigeria Act. 2007 as amended and punishable under Section 21(10) of the same Act.’’


 


The charge against Faith Chukwujeku reads: “That you, Faith Chukwujeku on the 25th of July, 2026 in Lagos within the jurisdiction of this Honourable Court engaged in hawking the total sum of N1, 300, 000 (One Million Three Hundred Thousand Naira ) in N200 note denomination issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(4) of the Central Bank of Nigeria (Establishment) Act, 2007.”


 


They pleaded guilty when the charges were read to them. 


 


Following their guilty pleas, prosecution counsel Fanen Anum reviewed the facts of the cases and urged the court to convict and sentence them accordingly. 


He further urged the court to order the forfeiture of the exhibits recovered from the convicts to the federal Republic of Nigeria being the instrument used in committing the crime.


In his judgment, Justice Aluko found the duo guilty and sentenced them to six months imprisonment with an option of ₦50,000 fine each.


Justice Aluko also ordered that the cash marked as exhibit C be forfeited to the Federal government being the instrument used in committing the crime.

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