Ene Queen Bamaiyi, an Abuja-based businesswoman has been arraigned by the Economic and Financial Crimes Commission (EFCC) on Thursday, October 2, 2025, for alleged forex fraud
Bamaiyi was docked before Justice A.A. Halilu of the Federal Capital Territory (FCT) High Court, Apo, Abuja, on a one-count charge of criminal breach of trust involving N240.5 million.
She was accused of dishonestly converting N124 million out of the N240.5 million entrusted to her by one Bright Okubo for foreign exchange conversion.
The charge reads: “That you, Ene Queen Bamaiyi (female), sometime in May 2024 in Abuja, within the jurisdiction of this Honourable Court, while being entrusted with the sum of N240,500,000.00 (Two Hundred and Forty Million, Five Hundred Thousand Naira) by one Bright Okubo for conversion at dollar equivalent, did dishonestly convert N124,000,000.00 (One Hundred and Twenty-Four Million Naira) out of the said sum to your personal use in violation of the purpose for which the money was entrusted to you, and you thereby committed an offence contrary to Section 311 of the Penal Code