EFCC Arraigns Lawyer Ozougwu For Allegedly Defrauding Victims Of N1.3 Billion In Forex Scam

The EFCC’s Head of Media & Publicity, Mr. Dele Oyewale, in a statement released to newsmen in Uyo, noted that Ozougwu allegedly committed an offence punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act 2022.

According to Oyewale, “The Economic and Financial Crimes Commission, EFCC, Uyo Zonal Directorate, on Wednesday, February 12, 2025, arraigned legal practitioner Barrister Alexander Uchenna Ozougwu before Justice Sergius Onah of the Federal High Court sitting in Uyo, Akwa Ibom State, for allegedly defrauding his victims to the tune of N1,323,850,000.00 (One Billion, Three Hundred and Twenty-Three Million, Eight Hundred and Fifty Thousand Naira) through a bogus foreign exchange investment scheme.”

He was arraigned on a six-count charge bordering on obtaining money by false pretence, in contravention of the provisions of Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.

One of the charges against him reads: “That you, Alexander Uchenna Ozougwu, sometime in September 2024 in Nigeria, within the jurisdiction of this Honourable Court, did take possession of the total sum of Two Hundred and Sixty-Eight Million, Eight Hundred and Fifty Thousand Naira (N268,850,000) through a bank account with account name—STARLIGHT ATTORNEYS—which you knew formed proceeds of an unlawful act, to wit: obtaining money by false pretence, and thereby committed an offence contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act.”

Another charge reads: “That you, Alexander Uchenna Ozougwu, sometime in July 2024 in Nigeria, within the jurisdiction of this Honourable Court, did take possession of the total sum of Two Hundred and Thirteen Million Naira (N213,000,000) through a bank account with the account name STARLIGHT ATTORNEYS, which you knew formed proceeds of an unlawful act, to wit: obtaining money by false pretence, and thereby committed an offence contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act.”

The defendant pleaded not guilty to the charges when they were read to him. In response, the prosecution counsel, Joshua O. Abolarin, requested the court to remand the defendant at a correctional center and set a date for trial. However, the defense counsel, C. M. Onuchukwu, informed the court of a bail application filed on self-recognizance and assured that the defendant would be available for trial.

After listening to both counsels, Justice Onah granted bail in the sum of N500,000,000 (Five Hundred Million Naira) with two sureties in like sum. The sureties must be civil servants of grade level 12 and above and must own landed properties within the jurisdiction of the court.

The court also ordered the defendant to deposit his international passport and two recent passport photographs with the court.

Oyewale disclosed that Ozougwu was arraigned following complaints from four petitioners who alleged that he presented himself as a registered Bureau de Change operator with the Central Bank of Nigeria (CBN). Gaining their trust, he allegedly collected the passwords to their betting accounts, promising to help them fund their accounts but instead diverting the funds.

“Investigations revealed that the defendant was operating a Ponzi scheme under the guise of exchanging dollars for his victims and channeled most of the funds to various betting platforms. A total of N1,323,850,000.00 was discovered to have been diverted from the accounts of the petitioners,” Oyewale stated.

Justice Onah adjourned the case to March 31, 2025, for trial.