The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Dr. Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, before the Federal High Court in Lagos over allegations of fraud and the unlawful conversion of N1.55 billion belonging to Ocean Lord Limited.
They were arraigned alongside two associated firms—Cabota Power Company Limited and Cabota Group Limited—on an eight-count charge involving obtaining money under false pretences, fraudulent conversion, conspiracy, and operating an unlicensed financial institution.
According to the EFCC, the defendants allegedly received N1.55 billion from Ocean Lord Limited between May 2 and May 15, 2025, claiming they had the licence to conduct foreign exchange transactions—an authorisation they reportedly did not possess.
Prosecuting counsel Suleiman Suleiman informed the court that the defendants had been properly served with the charges. When the charges were read, both Oladipo and Akintayo pleaded not guilty.
Defence counsel, Chief (Dr.) Richard Oma Ahonaruogho, noted that a bail application had been filed but acknowledged that the prosecution had only just received it. Suleiman requested additional time to respond.
An attempt to secure an oral bail request was turned down by the court, leading the defence to ask that the defendants remain in EFCC custody until the formal bail application is heard.
Justice Daniel Osiagor adjourned the case to December 11, 2025, for the hearing of the bail application and the commencement of trial.
The EFCC further alleges that on May 6, 2025, the defendants fraudulently converted four separate sums—N85 million, N150 million, N208 million, and N121 million—totalling N464 million, all owned by Ocean Lord Limited. The alleged offences violate provisions of the Criminal Code Act.
They are also accused of obtaining the entire N1.55 billion under false pretences, conspiring to steal the funds, and illegally operating as a bureau de change without approval from the Central Bank of Nigeria (CBN), contrary to the Banks and Other Financial Institutions Act, 2020.