The Economic and Financial Crimes Commission (EFCC), Enugu Zonal Directorate, has arraigned a 29-year-old businessman, Chizoba Emmanuel Dilo, before the Anambra State High Court sitting in Onitsha over alleged stealing involving N64 million.
Dilo was docked before Justice S. N. Odili on a two-count charge bordering on fraud and criminal conversion, contrary to Section 342 of the Criminal Code Law, Cap. 36, Laws of Anambra State, and punishable under Section 353 (9) of the same law.
The EFCC alleged that the defendant, sometime in 2021 in Onitsha, fraudulently converted to his personal use the sums of N34,013,000 and N29,987,000 respectively, property of one Chinedu Obaino.
According to the prosecution, the funds were entrusted to the defendant by Obaino, a fashion and textile dealer at the Main Market, Onitsha, to procure stock from China through a purported overseas connection.
The commission further told the court that after receiving the money in tranches, the defendant allegedly failed to execute the transaction and instead diverted the funds to acquire vehicles and construct a hotel. It also alleged that he subsequently disappeared from his known address and changed his telephone contacts.
At the proceedings, EFCC counsel, Rotimi Ajobiewe, urged the court to remand the defendant, noting that he had previously absconded after being granted administrative bail.
However, defence counsel, J. C. Odo, moved a bail application on behalf of the defendant.
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In a ruling, Justice Odili granted bail to the defendant in the sum of N10 million with two sureties resident in Onitsha, who must swear to an affidavit of means. The court also ordered verification of the sureties’ addresses by the court bailiff.
The defendant was remanded at a correctional facility pending fulfilment of his bail conditions. The case was adjourned to May 26, 2026 for hearing.
The EFCC said the case followed a petition dated July 21, 2025, by the complainant, who alleged that he transferred the funds to the defendant for investment in China-based procurement of goods, which never materialised.
The agency added that efforts to recover the funds were unsuccessful after the defendant allegedly relocated and became unreachable.
