The EFCC has arraigned BFI Group Corporation and six individuals in Abuja over an alleged €100m attempt to defraud the CBN using a fake Certificate of Capital Importation
EFCC Arraigns BFI Group, Six Others Over Alleged €100m Fake Capital Importation Scam
The Economic and Financial Crimes Commission (EFCC) has arraigned BFI Group Corporation and six individuals before the Federal Capital Territory (FCT) High Court, Jabi, Abuja, over an alleged €100 million fraud involving a fake Certificate of Capital Importation (CCI).
The suspects — Reuben M. Jaja, Uzor Chidi Jerry, David Femi James, Imeobong Jumbo Udom, Adeola Edward, and Emeka Emmanuel Okorie — were docked on Thursday, January 29, 2026, before Justice M.S. Idris on a five-count amended charge bordering on conspiracy, fraud and obtaining by false pretence.
The arraignment was confirmed in a statement published on the EFCC’s official X (formerly Twitter) account.
According to the anti-graft agency, the defendants allegedly conspired between August 12, 2020, and March 2021 to fraudulently induce the Central Bank of Nigeria (CBN) into issuing a Certificate of Capital Importation for €100 million, despite the fact that the funds were never deposited into any valid or existing CBN account.
“EFCC arraigns BFI Group Corporation, Reuben M. Jaja, Uzor Chidi Jerry, David Femi James, Imeobong Jumbo Udom, Adeola Edward and Emeka Emmanuel Okorie for alleged fraud to the tune of €100 million,” the Commission stated.
Count one of the amended charge alleges that the defendants intended to induce the CBN to confer an unlawful benefit on BFI Group Corporation by false pretence, contrary to Sections 8(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act.
Count two specifically accuses BFI Group Corporation and Reuben M. Jaja of attempting to obtain the €100 million CCI by falsely claiming the funds had been lodged in a non-existent CBN account.
When the charges were read in court, all the defendants pleaded not guilty.
Prosecution counsel, Ekele Iheanacho, SAN, urged the court to fix a trial date and a date to hear responses to the defendants’ bail applications.
Defence counsel, Chinedu Eze, made an oral application for bail, relying on provisions of the Administration of Criminal Justice Act (ACJA) and previous judicial authorities. The prosecution opposed the move, arguing that the cases cited were inapplicable, as the defendants had already been formally charged and written bail applications were already before the court.
After hearing arguments from both sides, Justice M.S. Idris adjourned the matter to February 3, 2026, for ruling on the bail applications and to set the trial timetable.
The court ordered that the fourth defendant be remanded in EFCC custody, while the remaining defendants were transferred to the Kuje Correctional Centre, Abuja.
The EFCC said the prosecution forms part of its broader crackdown on financial crimes, contract fraud and illicit capital flows.
In recent months, the Commission has recovered ₦1.234 billion from Sujimoto Luxury Construction Limited over abandoned smart school projects in Enugu State; arraigned Alhaji Mohammed Danjuma over alleged ₦2.2 billion fraud linked to the Multi-Sectoral Crisis Recovery Project (MCRP), and as well implicated a commercial bank, six fintech firms and several microfinance banks in a ₦162 billion cryptocurrency-related fraud, citing lapses in anti-money laundering compliance.
The EFCC said the cases underscore its commitment to protecting Nigeria’s financial system and ensuring accountability across both public and private sectors. Read More
