The Economic and Financial Crimes Commission (EFCC), Uyo Zonal Directorate, on Wednesday, February 12, 2025, arraigned a legal practitioner, Barrister Alexander Uchenna Ozougwu, before Justice Sergius Onah of the Federal High Court sitting in Uyo, Akwa Ibom State.
Ozougwu is facing charges of allegedly defrauding his victims of N1,323,850,000.00 (One Billion, Three Hundred and Twenty-Three Million, Eight Hundred and Fifty Thousand Naira) through a fraudulent foreign exchange investment scheme.
The EFCC brought six-count charges against Ozougwu, accusing him of obtaining money by false pretence, contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.
One of the charges stated that in September 2024, he took possession of N268,850,000 through a bank account under the name “Starlight Attorneys,” knowing that the funds were proceeds of an unlawful act.
Another charge alleged that in July 2024, he took possession of N213,000,000 under similar circumstances. In total, Ozougwu is accused of running a Ponzi scheme disguised as a foreign exchange business, defrauding multiple victims and diverting funds to various betting platforms.
When the charges were read, Ozougwu pleaded not guilty.
The prosecution counsel, Joshua O. Abolarin, urged the court to remand the defendant at a Correctional Centre and set a trial date.
However, the defense counsel, C.M. Onuchukwu, filed a bail application on self-recognizance, assuring the court that the defendant would be available for trial.
Justice Onah granted bail to Ozougwu in the sum of N500,000,000 (Five Hundred Million Naira) with two sureties in like sum.
The sureties must be civil servants of grade level 12 and above and must possess landed properties within the court’s jurisdiction. Additionally, the defendant was ordered to deposit his international passport and two recent passport photographs with the court.
The case stems from four separate petitions against Ozougwu, with victims alleging that he falsely represented himself as a registered bureau de change operator with the Central Bank of Nigeria (CBN).
According to the EFCC, he allegedly convinced his victims to provide him access to their betting account passwords under the pretext of helping them fund their accounts. Instead, he is accused of diverting their funds for personal use.
Investigations revealed that a total of N1,323,850,000.00 was misappropriated from the accounts of the petitioners. The court has adjourned the matter to March 31, 2025, for trial.
