A Federal High Court in Ikoyi, Lagos, has ordered that a citizen of the Niger Republic be held in custody over accusations of a massive financial fraud amounting to ₦351.5 million.
Details of the Charges and Arraignment
Justice Ibrahim Ahmad Kala gave the remand order following the arraignment of the defendant, Isiaka Ibrahim. Ibrahim, who reportedly lives in Igolo, Benin Republic, faced a three-count charge brought by the Force Criminal Investigation Department (ForceCID), Annex, Alagbon-Ikoyi.
The charges, marked FHC/L/1112c/2025, border on conspiracy and obtaining money by false pretence. The prosecutor, Mr. Morufu Ajani Animashaun, informed the court that the alleged crimes were committed between February and August 2024 at two locations in Lagos: No. 30 Adegbola Street, Alakuko, Alagbado, and No. 22B Fola Jinadu Street, Gbagada Estate, Phase 1.
The Alleged Fraudulent Scheme
According to the prosecution, the defendant and his accomplices, who are currently at large, deceived two individuals. Ibrahim allegedly promised to convert their Nigerian Naira into the Republic of Benin's CFA currency and invest the funds in foreign exchange trading.
The police alleged that he fraudulently obtained ₦101.5 million from one Kofoworola Osho and a separate sum of ₦250 million from Alhaji Adelabu Mutiu under these false pretences.
The prosecutor stated that these acts contravene Sections 8(a) and 1(1)(a) and are punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Bail Application Denied, Trial Date Set
The defendant pleaded not guilty to all charges. His lawyer, Mr. Olanrewaju Ajanaku, informed the court of a filed bail application, arguing that the offences are bailable and his client is presumed innocent.
However, the prosecution strongly opposed bail, labelling Ibrahim a flight risk. They emphasised that he is a foreign national without a verifiable residential address in Lagos or anywhere else in Nigeria.
After listening to arguments from both sides, Justice Kala adjourned the case to February 9, 2026, for the commencement of trial and the hearing of the bail application. Pending this, the judge ordered that Isiaka Ibrahim be remanded at the Ikoyi Custodial Centre of the Nigerian Correctional Service (NCoS).
