Justice Ibrahim Ahmad Kala of a Federal High Court sitting in Lagos has ordered a businessman, Fowowe Olanrewaju Akinola to be remanded in the custody of the Nigerian Correctional Service (NCoS) over alleged N16.5 million forex fraud

The judge ordered his rand after he was arraigned pending the hearing of his bail application.

Akinola was arraigned by the Police Special Fraud Unit (PSFU), Ikoyi, on a six-count charge bordering on conspiracy, obtaining by false pretence, fraudulent conversion and money laundering.

Prosecuting counsel, M.I. Awolowo, a Chief Superintendent of Police (CSP), told the court that the defendant, alongside an accomplice said to be at large, allegedly carried out the fraudulent scheme between November 18 and December 1, 2025, within Lagos.

Awolowo alleged that Akinola and his accomplice conspired to defraud unsuspecting victims under the guise of converting large sums of naira into United States dollars representations he said the defendant knew to be false.

According to the prosecution, the defendant fraudulently obtained a total of N16.541 million comprising N11.541 million and N5 million from two victims, Dewunmi Ajaguna and Rabiu Yau.

The victims were reportedly introduced to the defendant by one Oni Festus.

The prosecution further alleged that the funds were paid into an Access Bank account belonging to one Pearl Akwaeke-Eke, whom the defendant allegedly presented as his wife to facilitate the transaction.

Rather than converting the funds into U.S. dollars as promised, Akinola was said to have diverted the money for personal use.

The offences, the prosecutor said it contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Money Laundering (Prevention and Prohibition) Act, 2022.

The defendant, however, pleaded not guilty to all the counts charge.

Following his plea, the prosecution urged the court to fix a date for trial and remand the defendant in the custody of the Nigerian Correctional Service (NCoS) pending the determination of the case.

In response, defence counsel, Nonso Azih, informed the court that he had yet to file a bail application and requested a short adjournment.

Justice Kala subsequently adjourned the matter to June 17, 2026 for trial and ordered that the defendant be remanded in the custody of the NCoS pending the hearing of his bail application.

(The Guardian)

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