Lagos: Couple, others docked over alleged N710m fraud

Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has arraigned a couple, Mr Obinyan Emmanuel Osenonome and his wife, Esther, before the Federal High Court in Ikoyi, Lagos, over alleged N710 million fraud.

They were arraigned on a 12-count amended charge bordering on conspiracy, fraudulent conversion of funds, forgery, and money laundering, before the court, presided over by Justice Ambrose Lewis-Allagoa.

Arraigned alongside the couple are: Elvis Osazee Eghile, Egharevba Maryjane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhumenkpoewan, Nweke Nnamdi Emmanuel, and Egharevba Emmanuel Osagioduwa.

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In arraigning the defendants, the counsel for the PFSU, Momoh Yakubu, informed Justice Lewis-Allagoa that the alleged crimes were committed on or about June 16, 2026, in Lagos, within the court’s jurisdiction.

In the amended charge, the defendants, alongside others still at large, conspired to fraudulently convert N710 million belonging to ETF Nigeria Ltd/Grey Star Capital, knowing that the money represented proceeds of unlawful activity.

The lawyer further alleged that the banker, Obinyan Emmanuel Osenonome, obtained the N710 million through different beneficiaries’ accounts under the false pretence that the funds would serve as proof of funds, be placed on lien and returned with interest.

Osenonome was further alleged to have acquired the funds through private accounts using forged documents and uttering falsified proof-of-funds documents, including signatures, indemnity, and Post No Debit (PND) documents, with intent to present them as genuine.

According to the charge, Obinyan Esther and Nweke Nnamdi Emmanuel allegedly acquired and took possession of N263 million and N279.7 million respectively, being part of the fraud proceeds.

Others were accused of receiving and concealing various sums as follows: Aghatise Kelvin Uhumenkpoewan – N90 million; Egharevba Emmanuel Osagioduwa — N95 million; Eghile—N85 million; Egharevba Maryjane Osarieyekemwen—N93 million; and Precious Omonigho Irbhogbe—N87 million.

The prosecution insisted that the offences are contrary to Section 21(a) and punishable under Section 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022; Section 1(1)(c) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006; and Section 1(2)(c) of the Miscellaneous Offences Act, Cap M17, Laws of the Federation of Nigeria, 2004.

But the defendants pleaded not guilty to the charge. This prompted the prosecution to ask the judge for a trial date and urged the court to remand them pending trial.

However, counsel for the defendants applied for a short adjournment to hear their bail applications.

In his ruling, Justice Lewis-Allagoa adjourned the matter to October 13, 2026, for hearing of bail applications and ordered that all defendants be remanded in custody pending determination of their bail.