The Economic and Financial Crimes Commission (EFCC) has arraigned two businessmen, Dr. Fagite Oladipo and Raymond Akintayo, before the Federal High Court in Lagos over allegations of conspiracy, fraud, and unlawful conversion of N1.55 billion.

The funds were reportedly obtained from Ocean Lord Limited, under the pretense of holding a legitimate foreign exchange licence, which the prosecution alleges did not exist.

In addition to the two individuals, the EFCC also arraigned Cabota Power Company Limited and Cabota Group Limited, facing an eight-count charge detailing fraudulent activities between May 2 and May 15, 2025.

At the court session, both Oladipo and Akintayo pleaded not guilty to all charges. According to the EFCC, the defendants fraudulently converted N464 million of Ocean Lord’s funds on May 6, 2025, in four separate transactions of N85 million, N150 million, N208 million, and N121 million.

The defendants were further accused of operating as a financial institution without proper authorisation, running bureau de change operations without a Central Bank of Nigeria (CBN) licence, contrary to the Banks and Other Financial Institutions Act (BOFIA), 2020.

Following the plea, the defendants’ counsel, Chief (Dr.) Richard Oma Ahonaruogho, SAN, submitted a formal bail application, which the EFCC prosecutor requested additional time to respond to. The court declined an oral bail application, citing procedural fairness, and allowed the defendants to remain in EFCC custody pending the formal bail hearing.

The matter has been adjourned to December 11, 2025, for the hearing of the bail application.