Lagos Court Remands Businessman Over Alleged N16.5 Million Forex Fraud
Justice Ibrahim Ahmad Kala of the Federal High Court in Lagos has ordered the remand of businessman Fowowe Olanrewaju Akinola in the custody of the Nigerian Correctional Service (NCoS) following his arraignment on charges related to an alleged N16.5 million foreign exchange fraud. The judge issued the order pending the hearing of Akinola's bail application, which has not yet been filed by his defense counsel.
Details of the Alleged Fraud Scheme
The Police Special Fraud Unit (PSFU) in Ikoyi arraigned Akinola on a six-count charge that includes conspiracy, obtaining by false pretence, fraudulent conversion, and money laundering. Prosecuting counsel M.I. Awolowo, a Chief Superintendent of Police, informed the court that the defendant, along with an accomplice who remains at large, allegedly executed the fraudulent scheme between November 18 and December 1, 2025, in 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 defendant allegedly knew these representations to be false but used them to deceive unsuspecting individuals.
Victims and Financial Transactions
The prosecution detailed that Akinola fraudulently obtained a total of N16.541 million from two victims: N11.541 million from Dewunmi Ajaguna and N5 million from Rabiu Yau. The victims were introduced to the defendant by Oni Festus, who facilitated the initial contact.
Awolowo further alleged that the funds were paid into an Access Bank account belonging to Pearl Akwaeke-Eke, whom Akinola presented as his wife to enable the transaction. Instead of converting the money into U.S. dollars as promised, the defendant allegedly diverted the funds for personal use, violating the terms of the agreement with the victims.
Legal Charges and Court Proceedings
The offences are said to contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Money Laundering (Prevention and Prohibition) Act, 2022. During the arraignment, Akinola pleaded not guilty to all counts charged against him.
Following his plea, the prosecution urged the court to set a date for trial and remand the defendant in NCoS custody pending the case's determination. Defense counsel Nonso Azih responded by informing the court that he had not yet filed a bail application and requested a short adjournment to prepare the necessary documents.
Adjournment and Remand Order
Justice Kala adjourned the matter to June 17, 2026, for trial and ordered that Akinola be remanded in NCoS custody until the hearing of his bail application. This decision underscores the court's commitment to ensuring that the defendant remains available for proceedings while the legal process unfolds.
The case highlights ongoing efforts by Nigerian authorities to combat financial crimes, particularly in the forex sector, where fraudulent schemes can have significant impacts on victims and the broader economy. As the trial date approaches, further developments are expected to shed light on the details of the alleged fraud and the evidence presented by both sides.
