The Economic and Financial Crimes Commission (EFCC) has arraigned two individuals in separate courts in Lagos and Abuja over alleged financial offences, one involving illegal foreign exchange transactions and the other for the conversion of entrusted funds for personal use.
In Lagos, the Lagos Zonal Directorate 1 of the EFCC on Friday, October 3, 2025, arraigned Akinwunmi Fayose and his company, Precision Deep Water W.A. Limited, before Justice Alexander Owoeye of the Federal High Court, Ikoyi, on a one-count charge of engaging in foreign exchange transactions outside the official market.
According to the charge, Fayose and his company, sometime in October 2024, carried out foreign exchange dealings other than through the official foreign exchange market, an act contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994.
The charge reads: “That you, Akinwumi Fayose and Precision Deep Water W.A. Limited, sometime in October 2024, at Lagos within the Judicial Division of this Honourable Court, engaged in foreign transactions other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act. 1994.”
Fayose pleaded “not guilty” to the charge.
Following his plea, prosecution counsel Fanen Anum asked the court to set a trial date and remand the defendant in a correctional facility. Defence counsel Collins Ovat made an oral bail application and sought a short adjournment for trial commencement.
Anum opposed the oral bail request on the grounds that no formal bail application had been filed.
Justice Owoeye adjourned the case to October 29, 2025, for trial and ordered Fayose to be remanded in a correctional centre pending further proceedings.
Ene Queen Bamaiyi
In a separate case, the EFCC on Thursday, October 2, 2025, arraigned Ene Queen Bamaiyi before Justice A.A. Halilu of the Federal Capital Territory High Court, Apo, Abuja, on a one-count charge of criminal breach of trust involving ₦240,500,000.
Bamaiyi allegedly converted ₦124 million out of the total amount entrusted to her by one Bright Okubo for foreign exchange conversion to her own use.
The charge reads: “That you, Ene Queen Bamayi (female), sometime in May 2024 in Abuja within the Judicial Division of this Honourable Court, while being entrusted with the sum of ₦240,500,000.00 by one Bright Okubo for conversion at dollar equivalent, did dishonestly convert ₦124,000,000.00 out of the said sum to your personal use in violation of the purpose for which the money was entrusted with you, and you thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Code.”
She pleaded “not guilty” to the charge.
Prosecution counsel Joshua Saidi requested a trial date and informed the court that he intends to call five witnesses. Defence counsel M.A. Attah, SAN, applied for bail on liberal terms, citing Bamaiyi’s status as a single mother of a two-year-old child.
Justice Halilu granted bail in the sum of ₦30 million with two sureties in like sum, each not below Grade Level 14 in the civil service.
He also ordered Bamaiyi to deposit her passport with the EFCC and remain in Suleja Correctional Centre pending the fulfillment of the bail conditions.
The case was adjourned to December 2 and 3, 2025, for trial.
