A suspected failed foreign exchange transaction has landed a Lagos-based businessman, Fowowe Olanrewaju Akinola, before a Federal High Court in Lagos, following allegations that he defrauded two individuals of N16.5 million under the guise of dollar conversion.
The defendant was arraigned by the Police Special Fraud Unit (PSFU), Ikoyi, on a six-count charge bordering on conspiracy, obtaining by false pretence, fraudulent conversion, and money laundering before Justice Ibrahim Ahmad Kala.
Prosecuting counsel, CSP M. I. Awolowo, told the court that the alleged scheme was carried out between November 18 and December 1, 2025, within Lagos, in collaboration with an accomplice who is currently at large.
According to the prosecution, the defendant lured victims with promises to convert large sums of naira into United States dollars, claims he allegedly knew to be false.
The court heard that the sum of N11.54 million and N5 million was allegedly obtained from Dewunmi Ajaguna and Rabiu Yau, who were introduced to the defendant through one Oni Festus.
The funds were reportedly paid into an Access Bank account belonging to Pearl Akwaeke-Eke, said to have been falsely as the defendant’s wife to facilitate the transaction.
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Rather than delivering the promised dollars, the prosecution alleged that the defendant diverted the funds for personal use.
The offences, according to the prosecutor, contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as the Money Laundering (Prevention and Prohibition) Act, 2022.
Akinola, however, pleaded not guilty to all charges.
Following his plea, the prosecution requested a trial date and urged the court to remand the defendant in custody pending trial.
Defence counsel, Nonso Azih, informed the court that a bail application had not yet been filed and requested a short adjournment.
Justice Kala subsequently adjourned the case to June 17 for trial and ordered that the defendant be remanded in the custody of the Nigerian Correctional Service pending the determination of the case.
