Lagos forex trader arraigned for alleged fraud of over N1bn
A 39-year-old man, Bassey Ikpi, was arraigned on Thursday before the Lagos State Chief Magistrate Court in Ebute-Metta on charges of defrauding multiple individuals and companies of substantial sums in various currencies under the guise of forex trading.
According to the PUNCH, Ikpi faces four counts, including conspiracy, obtaining money by false pretence, fraud, and breach of public peace. The charges were brought against him by the police.
According to the police prosecutor, Inspector Cyriacus Osuji, Ikpi and his accomplices, who are still at large, allegedly defrauded their victims of N1,066,311,503, $355,000, and €13,000 through fraudulent schemes.
“The defendant, in conspiracy with others, fraudulently obtained these large sums under the pretence of forex trading,” Osuji told the court.
The offences were reportedly committed on October 18, 2023, in Ikeja, Lagos.
Among the victims were Mrs. Caroline Kamaya, who allegedly lost N25 million, and Mrs. Tope Augustine, who was defrauded of N36 million. Another victim, Mrs. Henrietta Achiekwelu, was reportedly swindled out of N200 million, $75,000, and €13,000.
Ikpi is also accused of defrauding NKG Energy Services of N82,211,503, Sacvin Nigeria of N683,100,000, and Neco Trading Services Limited, along with Mr. Arinze Anyaeche, of $280,000. Additionally, he allegedly duped Mrs. Stella Mohammed of N21 million and Mr. Tokunbo Adebiyi of N19 million, all under the pretext of forex trading.
Osuji further alleged that the defendant’s actions were disruptive and posed a threat to public peace.
The charges brought against Ikpi are said to violate Sections 411, 314, 380 (1), and 168 (1)(d)(f) of the Criminal Laws of Lagos State 2015.
Ikpi pleaded not guilty to the charges.
Presiding Magistrate Mrs. Abimbola Davies granted him bail in the sum of N2 million, with two sureties in like amount.
The sureties are required to be gainfully employed, provide evidence of tax payment to the Lagos State Government, and have their residential addresses verified.
The case has been adjourned to September 10, 2024, for further proceedings.
