The Economic and Financial Crimes Commission (EFCC) has arraigned a lawyer, Alexander Ozougwu, before the Federal High Court, Uyo, Akwa Ibom State, over allegations of defrauding victims of N1.3 billion through a fraudulent foreign exchange investment scheme.
Ozougwu was brought before Justice Sergius Onah on February 12, 2025, where he was charged with six counts of obtaining money by false pretence, contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.
The EFCC alleges that Ozougwu, under the guise of operating a registered bureau de change, convinced victims to entrust him with their funds.
According to the prosecution, he collected betting account passwords from investors, promising to fund their accounts but instead diverted the funds.
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An investigation revealed that he channeled the money into betting platforms, while operating what authorities described as a Ponzi scheme, contrary to Section 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.
Another charge accused Ozougwu of receiving N213 million in July 2024, through the same fraudulent scheme.
Ozougwu pleaded not guilty to all charges.
Prosecution counsel, Joshua Abolarin, requested that the defendant be remanded in a correctional facility until trial.
However, defence counsel, C.M. Onuchukwu, applied for bail on self-recognizance, assuring the court of his client’s cooperation.
Justice Onah granted bail at N500 million, with two sureties who must be civil servants of grade level 12, and above and own landed properties within the court’s jurisdiction.
The court also ordered Ozougwu to surrender his international passport and provide two recent passport photographs.
Following the bail ruling, Justice Onah adjourned the case to March 31, 2025, for trial.
Meanwhile, the EFCC has urged victims and potential witnesses to come forward as the case progresses.
