‘Heavy Bail???’ Lawyer Arraigned for Alleged N1.3 Billion Forex Fraud in Uyo

OwelekeTV (Crime) — The Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has charged Alexander Uchenna Ozougwu, a legal practitioner, before the Federal High Court in Uyo, Akwa Ibom State, over allegations of defrauding victims of N1,323,850,000 through a fraudulent foreign exchange investment scheme.

Ozougwu was brought before Justice Sergius Onah on February 12, 2025, facing six counts related to obtaining money under false pretenses, violating Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.

A statement released by the EFCC on Friday confirmed the arraignment, noting that the defendant pleaded not guilty to all charges when they were read to him in court.

Bail Conditions Set at N500 Million

Following his plea, prosecution counsel Joshua O. Abolarin urged the court to remand the defendant in a correctional facility and set a trial date. In response, Ozougwu’s lawyer, C. M. Onuchukwu, presented a bail application, requesting that his client be granted bail on self-recognizance and assuring the court of his availability for trial.

After reviewing arguments from both sides, Justice Onah approved bail in the sum of N500 million, with two sureties required to provide the same amount.

The court specified that the sureties must be civil servants of at least Grade Level 12 and must possess landed properties within the court’s jurisdiction.

Additionally, the court ordered the defendant to surrender his international passport and submit two recent passport photographs as part of the bail conditions.

Accusations of Running a Ponzi Scheme Disguised as Forex Trading

Ozougwu’s arraignment followed complaints from four petitioners who alleged that he falsely represented himself as a registered Bureau de Change operator with the Central Bank of Nigeria (CBN).

The complainants claimed they entrusted him with access to their betting accounts under the belief that he would fund them for forex trading, only to later discover that he had diverted the funds for personal use.

Investigators found that the defendant operated a Ponzi scheme under the guise of currency exchange, redirecting substantial amounts to betting platforms.

A forensic review of transactions linked to the case revealed that a total of N1,323,850,000 had been misappropriated from the petitioners’ accounts.

The court has adjourned the case to March 31, 2025, for trial proceedings.