The defendants allegedly set up the cooperative society as a front to lure unsuspecting investors into putting in large sums of money with promises of high returns
EFCC Re-Arraigns Fadama Society Executives Over Alleged ₦178 Million Fraud in Jos
Jos, Plateau State – The Economic and Financial Crimes Commission (EFCC) has re-arraigned two executives of the Covenant Fadama Multi-purpose Cooperative Society, Okewole Dayo (Secretary) and Bishop Katung Jonas (Chairman), over an alleged ₦178.8 million fraud and money laundering scheme.
Appearing before Justice Sharon T. Ishaya of the Federal High Court in Jos on Thursday, the duo faced a 23-count charge bordering on conspiracy, obtaining money under false pretence, and money laundering, according to EFCC spokesperson Dele Oyewale.
EFCC investigations revealed that the defendants allegedly set up the cooperative society as a front to lure unsuspecting investors into putting in large sums of money with promises of high returns. The funds were reportedly funneled through several bank accounts, laundered using proxies, and used to acquire properties in Jos and Kaduna.
One of the charges, Count 2, reads:
“That you, Okewole Dayo (alias Okewole David Dayo) and Bishop Katung Jonas, sometime in 2012, knowingly transferred ₦50,000,000 from the Cooperative’s First Bank account into another account representing proceeds of unlawful activity, thereby committing an offence under Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2012.”
Count 8 alleges: “That the defendants obtained ₦10,000,000 from Reke Vida Ltd under false pretence, claiming it would be invested with a 10% monthly return—a promise they knew to be false—thus violating Section 1(1)(a) of the Advance Fee Fraud Act, 2006.”
Both Dayo and Jonas pleaded not guilty to the charges.
Prosecuting counsel Ibrahim Buba informed the court of the Commission’s readiness to begin trial, stating: “We are prepared to open our case and bring witnesses. A hearing date is already fixed for tomorrow, my Lord.”
However, defence counsels cited personal and logistical challenges. J.J. Achi, representing the second defendant, disclosed a family emergency requiring his attention, while C.I. Nwogbo, counsel to the first defendant, said he had not received Certified True Copies of the prosecution’s documents and needed more time to prepare.
Justice Ishaya voiced frustration at the delays: “The prosecution is coming from Abuja. I do not appreciate a situation where counsel travels such a distance without making any progress.”
When asked about witness availability, Buba said: “We had 18 witnesses. Due to time, some are now unavailable, and two are deceased. We may need to bring in new witnesses.”
Justice Ishaya subsequently adjourned the case to July 22 and 23, 2025, for continuation of trial. Read More
