An alleged serial fraudster, Titilayo Eboh, and a company, Chayomi Aluminium Ltd., have been arraigned by the Economic and Financial Crimes Commission (EFCC) over an alleged ₦1,871,220,000 foreign exchange fraud in Lagos.
EFCC also listed Abubakar Funtua (now at large) as a defendant in the case. The defendants were arraigned by the Lagos Zonal Directorate 2 of the Commission before Justice Mojisola Dada of the Special Offences Court, sitting in Ikeja, on a three-count charge bordering on conspiracy to obtain money by false pretence, stealing and obtaining money by false pretence on Wednesday.
Count one of the charge reads: “Titilayo Eboh, Chayomi Aluminium Limited and one Abubakar Funtua (at large), between 2nd December, 2020 to 25th January, 2021, at Lagos, within the jurisdiction of this Honourable Court, with the intent, to defraud conspired amongst yourselves and obtained the cumulative sum of ₦1,871,220,000.00 (One Billion, Eight Hundred and Seventy One Million, Two Hundred and Twenty Thousand Naira) only from Mr. Olamayowa Abdulwasiu Olabisi and Mr. Adekanmi Adedire of Himark Intertrades Limited under the false pretense that you have the United States Dollars equivalent of the said sum to exchange for them at the rate of ₦420 per dollar which pretense you knew to be false.”
Count two reads: “Titilayo Eboh and Chayomi Aluminium Limited, between 2nd December, 2020 to 25th January, 2021 at Lagos, within the jurisdiction of this Honourable Court, with the intent to defraud, obtained the cumulative sum of ₦1,871,220,000.00 (One Billion, Eight Hundred and Seventy One Million, Two Hundred and Twenty Thousand Naira) only from Mr. Olamayowa Abdulwasiu Olabisi and Mr. Adekanmi Adedire of Himark Intertrades Limited under the false pretense that you have the United States Dollars equivalent of the said sum to exchange for them at the rate of ₦420 per dollar which pretense you knew to be false.”
The defendant pleaded “not guilty” to the charges when they were read to her.
Following the plea, prosecution counsel, Nnaemeka Omenwa, asked the court for a trial date and prayed that the defendant be remanded in the appropriate custody pending the trial.
Omenwa also informed the court that the defence counsel had sent a bail application from the defendant’s sister case before Justice Rahman Oshodi to his email.
However, he stated that he needed clarification from the defence counsel to enable him know which one to rely on before filing his response.
Responding, the defence counsel, Emefo Etudo, told the court that he was not a party to the matter before Justice Oshodi.
Etudo added that the prosecution should give him one hour to produce a hard copy of the defendant’s bail application and also prayed the court to give multiple trial dates.
He further urged the court to give the bail application an earlier date for hearing in line with his discussion with the prosecution.
Consequently, Justice Dada adjourned the hearing of the bail application to March 24, 2026, and fixed May 4, 2026 for the commencement of trial.
