The Economic and Financial Crimes Commission on Wednesday, December 3, 2025, arraigned two businessmen, Dr. Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, over allegations of fraud and the unlawful conversion of N1,550,000,000 belonging to Ocean Lord Limited.
The defendants were arraigned alongside two companies, Cabota Power Company Limited and Cabota Group Limited, accused of obtaining more than N1.5 billion from Ocean Lord Limited between May 2 and May 15, 2025, under the guise of possessing a licence that permitted them to conduct foreign exchange transactions.
EFCC counsel, Barrister Suleiman Suleiman, informed the court that an eight-count charge had been filed against the defendants.
He then applied for the charge to be read to them so they could enter their pleas.
After the charges were read, all the defendants pleaded not guilty.
Lead defence counsel, Chief (Dr.) Richard Oma Ahonaruogho, accompanied by four other lawyers, told the court that the defence had already filed a bail application, which had been served on the prosecution.
Mr. Suleiman, however, asked for sufficient time to file a response.
Chief Ahonaruogho attempted to move an oral bail application, but the court declined to entertain it. He therefore urged the court to direct that the defendants remain in EFCC custody until the bail application is heard and determined.
The presiding judge, Justice Daniel Osiagor, adjourned the matter to December 11, 2025, for the hearing of the bail request and for the commencement of trial.
According to the charges, the defendants are accused of conspiring to obtain money under false pretences, contrary to the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
They also face eight counts relating to the fraudulent conversion of company funds.
On May 6, 2025, they allegedly diverted a total of N464 million—comprising N85 million, N150 million, N208 million, and N121 million—belonging to Ocean Lord Limited.
The defendants were further charged with running a financial institution, specifically a bureau de change, without approval from the Central Bank of Nigeria, contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
