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Forex fraud: ‘Egbegbe has case to answer’


By Robert Egbe 

A Federal High Court in Lagos on Wednesday ruled that the police had made a prima facie case of fraud against a former Lagos socialite and Nollywood film-maker, Olajide Kareem, alias Seun Egbegbe, and his co-defendants.

Justice Oluremi Oguntoyinbo dismissed the defendants’ no-case submissions and adjourned till January 12, 2021 for them to open their defence.

Egbegbe is standing trial with Oyekan Ayomide, Lawal Kareem, Olalekan Yusuf and Muyideen Shoyombo on a 40-count charge.

According to the police, the defendants defrauded about 30 Bureau De Change (BDC) operators in Lagos of various sums, in local and foreign currencies, between 2015 and 2017.

Prosecuting counsel Innocent Anyigor said Egbegbe and his gang swindled the BDC operators of N39,098,100; $90,000 and £12,550 over two years.

He alleged that they obtained the money by deceiving their victims that they either had foreign currencies to sell or buy.

Anyigor said the defendants acted contrary to Section 8 of the Advanced Fee Fraud and Other Related Offences Act 2006, and were liable to be punished under Section 1(3) of the same.

The defendants pleaded not guilty.

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