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EFCC arraigns young man for N17.5m, $6,300 forex scam

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The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Office, on Monday, arraigned one Nanpan Salihu Yaniyang before Justice O.O. Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos State for an alleged N17,449,000 and $6,300 forex fraud.

The EFCC filed a four-count charge bordering on stealing and obtaining by false pretence to the tune of N17,449,000 and $6,300 against Yaniyang.

One of the counts reads: “Nanpan Salihu Yaniyang, sometime in 2020 in Lagos State, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the sum of N17, 449,000 (Seventeen Million Four Hundred and Forty-nine Thousand Naira) from Valerie Okoli and her co-investors under the pretence that you would help them incorporate a company, and use the said fund to invest in Forex, which pretexts you knew or ought to know is false.”

Another count reads: “Nanpan Salihu Yaniyang, sometime in 2020 in Lagos State, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the sum of $6,300 (Six Thousand Three Hundred United States Dollars) from Valerie Okoli and her co-investors under the pretence that you will use the said fund to invest in Forex, which pretext you knew or ought to know is false.”

He pleaded “not guilty” to the charges.

At the sitting on March 29, 2021, the Court had heard the defendant’s bail application, which was opposed by the prosecution counsel.

Ruling on the bail application on Wednesday, March 31, 2021, Justice Abike-Fadipe granted him bail in the sum of N5million and two sureties in like sum, one of whom must be related to the defendant by blood.

“The sureties shall depose to an affidavit of means, must be gainfully employed and resident within the jurisdiction; must show evidence of payment of tax over the last three years and one of them must hold landed property within the jurisdiction of this court,” the judge held.

Justice Abike-Fadipe adjourned the case till June 1, 2021, for commencement of trial.

6 million down, 175 million to go

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