UYO, Akwa Ibom State – A lawyer, Alexander Uchenna Ozougwu, appeared in Federal High Court on Wednesday, facing charges related to a N1.3 billion forex scam. The Economic and Financial Crimes Commission (EFCC) arraigned Ozougwu before Justice Sergius Onah.
The EFCC, represented by spokesperson Dele Oyewale, alleges Ozougwu defrauded multiple victims through a fraudulent foreign exchange investment scheme. He faces six counts, including obtaining money by false pretenses and violating the Money Laundering Act of 2022.
One charge states Ozougwu took N268,850,000 through his firm’s (Starlight Attorneys) bank account. Another accuses him of collecting N213,000,000 under false pretenses.
Ozougwu pleaded not guilty. Prosecutor Joshua O. Abolarin requested Ozougwu’s remand and a trial date. Defense counsel C. M. Onuchukwu requested bail, assuring Ozougwu’s availability for trial.
Justice Onah granted bail at N500,000,000. Conditions include two sureties: civil servants (grade level 12 or higher) with landed properties within the court’s jurisdiction. Ozougwu must also surrender his international passport and provide two recent passport photographs.
The EFCC investigation revealed that Ozougwu allegedly presented himself as a registered bureau de change operator with the Central Bank of Nigeria. He reportedly gained victims’ trust by accessing their betting accounts, promising to fund them.
The EFCC claims Ozougwu instead diverted the funds into a Ponzi scheme and used a large portion for betting. The agency stated that over N1.3 billion was taken from multiple complainants, leading to this forex scam prosecution. The case continues.
