Businessman Remanded in Custody Over Alleged N16.5 Million Forex Fraud in Lagos
Justice Ibrahim Ahmad Kala of the Federal High Court in Lagos has issued an order for the remand of businessman Fowowe Olanrewaju Akinola in the custody of the Nigerian Correctional Service (NCoS). This decision follows his arraignment on charges related to an alleged N16.5 million forex fraud scheme.
Charges and Allegations
The Police Special Fraud Unit (PSFU) in Ikoyi brought a six-count charge against Akinola, which includes conspiracy, obtaining by false pretence, fraudulent conversion, and money laundering. Prosecuting counsel, Chief Superintendent of Police M.I. Awolowo, informed the court that the defendant, along with an accomplice who remains at large, allegedly executed the fraudulent activities between November 18 and December 1, 2025, within Lagos.
According to the prosecution, Akinola and his accomplice conspired to defraud victims by falsely promising to convert large sums of naira into United States dollars. The scheme reportedly involved obtaining a total of N16.541 million from two individuals: Dewunmi Ajaguna and Rabiu Yau, who were introduced to the defendant by one Oni Festus.
Details of the Fraudulent Scheme
The funds were allegedly paid into an Access Bank account belonging to Pearl Akwaeke-Eke, whom Akinola presented as his wife to facilitate the transactions. Instead of converting the money into U.S. dollars as promised, the defendant is accused of diverting the funds for personal use. The prosecution emphasized that these actions violate the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Money Laundering (Prevention and Prohibition) Act, 2022.
Court Proceedings and Defense
During the arraignment, Akinola pleaded not guilty to all charges. The prosecution urged the court to set a trial date and remand the defendant in NCoS custody pending the case's determination. In response, defense counsel Nonso Azih stated that a bail application had not yet been filed and requested a short adjournment for preparation.
Justice Kala subsequently adjourned the matter to June 17, 2026, for trial. He ordered that Akinola be remanded in NCoS custody until the hearing of his bail application, ensuring he remains in detention as legal proceedings continue.
