Key points

• Eight defendants face a 12-count charge at the Federal High Court in Lagos.
• Police allege N710 million under Post-No-Debit restrictions was fraudulently disbursed.
• Traced assets include a Lexus, two Camrys and a N40 million plot in Magodo.

The Police Special Fraud Unit in Lagos has arraigned a banker and seven other defendants before the Federal High Court in Lagos over an alleged N710 million proof-of-funds fraud.

The defendants are Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.

They face a 12-count charge, according to a statement signed Wednesday by the unit’s spokesperson, DSP Ovie Kenneth Ewhubare.

Police said the case began with a petition over the alleged fraudulent disbursement of N710 million placed under Post-No-Debit restrictions across eight designated accounts.

How the scheme allegedly worked

Investigators allege that Osenonome, a banker and Senior Relationship Officer, conspired with Egharevba Emmanuel to obtain the cooperation and personal identification details of other people. Those details were allegedly used to open accounts suspected of laundering the proceeds.

A forensic analysis by the unit’s Corporate and Public Accounts Fraud Section reportedly traced significant movements of money to accounts linked to people connected with the principal suspect.

They include Nweke Nnamdi Emmanuel, Osenonome’s sibling Obinyan Ebehiemen Doris, Egharevba Emmanuel Osagioduwa and Osenonome’s wife, Esther Olohitare Obinyan. Police also allege that forged or disputed proof-of-funds, indemnity and Post-No-Debit documents were used.

Assets traced

Police said they identified assets suspected to have been bought with the proceeds. These include a 2020 Lexus RX 350 valued at N25 million, two Toyota Camry cars valued at N8 million each and a plot in Magodo Phase I, Lagos, reportedly bought for N40 million.

Part of the money was allegedly used for personal obligations and gambling, N40 million was allegedly invested in CIBEX trading, and about N60 million was allegedly spent furnishing a spa and beauty business.

Commissioner of Police Eloho Edwin Okpoziakpo said the unit would keep pursuing financial crimes through lawful, evidence-based investigations. The allegations are the police’s, and the defendants have not been convicted.