The Economic and Financial Crimes Commission (EFCC) has arraigned an alleged fraudster, Abdullahi Adamu Wada, before Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, over an alleged N75,111,600 fraud.
Wada is facing a two-count charge bordering on conspiracy to obtain money by false pretence and obtaining money under false pretence, contrary to Sections 1(2) and 8(a), and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.
According to the charge, the defendant and one Abdulmumeen Aliyu, said to be at large, allegedly induced Abdulrahman Rabiu on or about January 4, 2026, to part with the sum of N75,111,600 on the understanding that the pounds equivalent of 35,430 pounds would be paid to him.
The prosecution alleged that the representation was false and made with the intent to defraud.
The defendant pleaded not guilty to the charges when they were read to him.
Following his plea, prosecution counsel, A.O. Mohammed, requested a trial date and urged the court to remand the defendant in a correctional facility.
Read Also: Kolawole Erinle Denies $1.4m Dollar Fraud Allegations
Defence counsel, Fabian Nwaoforji, however, informed the court of a pending bail application and prayed for bail on liberal terms.
The prosecution opposed the application, urging the court to impose stringent conditions if bail was to be granted.
In her ruling, Justice Abike-Fadipe granted the defendant bail in the sum of N50 million with one surety in like sum.
The surety is required to provide evidence of tax payment to the Lagos State Government and submit the same to the court.
The judge also ordered the defendant to report at the EFCC office every Monday morning.
The matter was adjourned until May 7, 2026, for the commencement of trial.
