EFCC Arraigns Alleged Serial Fraudster Titilayo Eboh Over N1.8 Billion Forex Scam in Lagos
EFCC Arraigns Alleged Serial Fraudster Titilayo Eboh Over N1.8 Billion Forex Scam in Lagos
The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate 2, Ikoyi, has arraigned alleged serial fraudster Titilayo Eboh before a Special Offences Court in Ikeja over an alleged forex fraud amounting to N1,871,220,000.
Eboh appeared in court alongside Chayomi Aluminium Limited, with Abubakar Funtua listed as at large, facing a three-count charge of conspiracy, obtaining money by false pretence, and stealing.
Court Proceedings Unfold in Ikeja
The arraignment took place on Wednesday, March 4, 2026, before Justice Mojisola Dada at the Special Offences Court, sitting in Ikeja, Lagos.
The charges stem from activities alleged to have occurred between December 2, 2020, and January 25, 2021, within the jurisdiction of the court.
Titilayo Eboh and her co-defendants are accused of conspiring to defraud victims by promising United States Dollars equivalent to the sum at an exchange rate of N420 per dollar, a pretence the prosecution claims was false.
Details of the Alleged Fraud
Count one of the charge specifies that Titilayo Eboh, Chayomi Aluminium Limited, and Abubakar Funtua (at large) conspired between December 2, 2020, and January 25, 2021, in Lagos.
They allegedly obtained N1,871,220,000 from Mr. Olamayowa Abdulwasiu Olabisi and Mr. Adekanmi Adedire of Himark Intertrades Limited under the false pretence of having the US dollar equivalent to exchange at N420 per dollar, which they knew to be untrue.
Count two mirrors this accusation directly against Titilayo Eboh and Chayomi Aluminium Limited, stating they obtained the same sum from the same victims through the identical false promise of dollar exchange.
The third count, though not fully detailed in available records, forms part of the three-count indictment bordering on conspiracy to obtain money by false pretence, stealing, and obtaining money by false pretence.
Plea and Prosecution’s Requests
When the charges were read to her, Titilayo Eboh pleaded not guilty.
Prosecution counsel Nnaemeka Omenwa requested a trial date and prayed for the defendant to be remanded in custody pending trial.
Omenwa informed the court that defence counsel had sent a bail application from a related case before Justice Rahman Oshodi via email.
He sought clarification from the defence on which application to respond to, as he needed to file a proper counter-affidavit.
Defence Response and Bail Application
Defence counsel Emefo Etudo clarified that he was not involved in the matter before Justice Oshodi.
Etudo requested one hour to produce a hard copy of the defendant’s bail application.
He prayed for multiple trial dates and urged the court to hear the bail application on an earlier date, in line with prior discussions with the prosecution.
Justice Dada’s Ruling and Adjournment
Justice Mojisola Dada adjourned the bail application hearing to March 24, 2026.
The trial itself is scheduled to commence on May 4, 2026.
This adjournment allows time for the prosecution to respond to the bail request and for both sides to prepare for the substantive hearing.
Context of the Forex Fraud Allegations
The case highlights ongoing efforts by the EFCC to combat financial crimes in Nigeria’s bustling commercial hub of Lagos.
The alleged scam involved luring victims with promises of favourable foreign exchange rates during a period when the naira faced volatility against the dollar.
Himark Intertrades Limited, represented by Olamayowa Abdulwasiu Olabisi and Adekanmi Adedire, reportedly parted with over N1.8 billion based on the false assurances.
Chayomi Aluminium Limited, named as a co-defendant, is implicated in the transactions alongside Eboh.
Abubakar Funtua’s status as at large indicates he remains fugitive, potentially complicating investigative efforts.
Implications for Financial Crime Prosecution
This arraignment underscores the EFCC’s focus on serial fraudsters operating in the forex market, a sector prone to scams amid Nigeria’s economic challenges.
The not guilty plea sets the stage for a full trial where evidence of the false pretence and conspiracy will be tested.
Remand pending bail hearing ensures the defendant remains in custody as proceedings advance.
The involvement of a corporate entity like Chayomi Aluminium Limited points to structured operations in the alleged fraud.
Court clarifications on bail applications from related cases reveal interconnected legal matters for Eboh, possibly stemming from prior EFCC investigations.
Prosecution’s caution in seeking clarifications demonstrates procedural diligence in high-stakes financial crime cases.
Defence requests for expedited bail hearings and multiple trial dates aim to balance rights with judicial efficiency.
Justice Dada’s adjournments provide structured timelines, typical in Nigeria’s judicial handling of economic offences.
As the case progresses, it will test the strength of EFCC evidence in proving intent to defraud in forex dealings.
The precise sum of N1,871,220,000 highlights the scale, equivalent to substantial economic loss for victims.
Lagos, as the nation’s financial nerve centre, continues to be a hotspot for such prosecutions by the EFCC’s zonal directorate.
Stakeholders await the bail ruling and trial commencement for further developments in this significant fraud matter.
The proceedings reflect broader anti-corruption drives targeting false pretence schemes that erode investor confidence.