Alleged N950m Fraud: Court Postpones Trial of Two Suspected Forex Fraudsters to Oct. 28

Justice  Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on  Monday, July 1, 2024, adjourned till October 28, 2024, further hearing in the trial of one Alhaji Usman Abubakar and Young Alhaji Foundation over an alleged N950m  forex fraud.

Abubakar, alongside Young Alhaji Foundation, is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on a five-count charge bordering on obtaining money by false pretence and stealing to the tune of N950 million.

One of the counts reads: “Alhaji Usman Abubakar, Young Alhaji Foundation and Dr. Abu Omer Fawaz (at large), sometime in September 2022, within  the jurisdiction of this Honourable Court, conspired amongst yourselves  to obtain the sum of N950,000,000 from Ano Farms Limited under the false pretence that you had the dollar equivalent of the said sum, which  pretence you knew to be false.”

Another count reads: “Alhaji Usman Abubakar and Young Alhaji Foundation, on the  20th of September 2022, within the jurisdiction of this Honourable  Court, attempted to dishonestly convert the sum of N180,000,000.00 (One  Hundred and Eighty Million Naira), property of Ano Farms Limited to the  use of Abdullahi Mohammed.”

He pleaded “not guilty” to the charges when he was first arraigned on February 22, 2023.

Under cross-examination by counsel to the second defendant, G. C. Ugwunweze at Monday proceedings, the first prosecution witness, PW1, Niyi Oyewole, who is the nominal complainant and Managing Director of Ano  Farms Limited,  again re-affirmed his testimony that Fawaz linked him up with the defendant and that he, thereafter, transferred the money to  him.

He, however, stated that when the dollar equivalent was not forthcoming,  Fawaz told him that Young Alhaji had been instructed to return the funds.

During the proceedings, Ugwunweze tendered some documents regarding a related case before the Lagos State High Court sitting in Ajah as well as a letter to the bank on payment instructions.

They were admitted as exhibits p4, p5 and p6, respectively.

Justice Dada adjourned the case till October 28 and 29, 2024 for continuation of trial.


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