EFCC Drags Businesswoman to Court Over $700,000 Forex Scam, N190m Theft
The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos-based businesswoman, Adekemi Folorunsho, before the Lagos State Special Offences Court, Ikeja, for allegedly defrauding a client of $700,000 and dishonestly converting ₦190 million to her personal use under the guise of running a bureau de change operation.
Folorunsho was docked on a three-count charge of conspiracy, obtaining money by false pretence, and theft. She was arraigned alongside three alleged accomplices, who are currently at large.
According to EFCC counsel, Nanbam Mutfwang, the defendant and her co-conspirators reportedly obtained $700,000 from one Mrs. Osolake Ayodele in 2023 after falsely presenting herself as a licensed foreign exchange broker capable of converting the funds to naira.
In addition, the anti-graft agency accused Folorunsho of dishonestly converting ₦190 million, also belonging to the complainant, to her personal account in October 2021.
The EFCC noted that the alleged offences violate Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, as well as Section 285(1) of the Lagos State Criminal Law, 2011.
When the charges were read, the defendant pleaded not guilty to all counts.
Her counsel, Mr. Shina Makinde, prayed the court to grant her bail on liberal terms, stating that his client is a reputable entrepreneur who employs over 100 people and had fully complied with the EFCC’s administrative bail conditions.
The prosecution did not oppose the bail request, leaving the matter to the court’s discretion.
Delivering her ruling, Justice Olubunmi Abike-Fadipe granted bail in the sum of ₦50 million with two sureties in like sum. She ruled that the bail conditions must be perfected within two weeks, failing which the defendant would be remanded in custody.
The case was adjourned until October 9, 2025, for trial. Read More
