Eight Arraigned in Lagos Over Alleged ₦710m Proof-of-Funds Fraud
Eight defendants have been arraigned before the Federal High Court in Lagos over an alleged ₦710 million proof-of-funds fraud investigated by the Police Special Fraud Unit.
The defendants face a 12-count charge linked to funds which police say had been placed under Post-No-Debit restrictions across eight accounts.
The allegations have not been proved in court.
Police allege ₦710m was fraudulently disbursed
The Special Fraud Unit said the investigation began after a petition alleging the fraudulent disbursement of ₦710 million placed under Post-No-Debit restrictions.
Police identified the defendants as Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.
According to police, Osenonome was a banker and Senior Relationship Officer.
Investigators allege that he acted with Egharevba Emmanuel to obtain personal identification details later used in accounts connected to the transactions.
Those claims remain allegations before the court.
Police cite disputed documents
PSFU said its investigation identified proof-of-funds, indemnity and Post-No-Debit documents that investigators allege were forged or otherwise improperly used.
The unit also said forensic analysis traced movements of suspected proceeds into accounts linked to people connected to the case.
That forms part of the police case.
It does not establish that any defendant knowingly received criminal proceeds or committed money laundering.
Vehicles and land traced by police
Police said investigators traced a Lexus RX 350, two Toyota Camry vehicles and land in Magodo Phase I, Lagos, as assets they allege are connected to the suspected proceeds.
The unit also alleged that some of the funds were used for personal obligations, gambling activity, trading and the establishment of a spa and beauty business.
These are investigative claims.
The reviewed record does not establish that the assets have been finally forfeited or judicially declared proceeds of crime.
Court procedure still requires clarification
The arraignment itself is established.
However, the verified source record available to IDNN does not safely establish the defendants’ plea, bail or remand status, or the next adjournment date.
Those details remain outside this report until confirmed from reliable court records or reporting.
The accountability question
The public-interest test now shifts from police allegations to what prosecutors can prove in court.
That includes whether the ₦710 million was unlawfully disbursed, whether disputed documents were forged, whether any defendant knowingly participated in the transactions and whether assets traced by investigators can legally be tied to proceeds of crime.
For now, the strongest supported position is that eight defendants have been arraigned over the alleged ₦710 million scheme.
The allegations remain unproven.
