EFCC arraigns woman for N240.5m forex fraud in Abuja

The Economic and Financial Crimes Commission (EFCC) on Thursday, October 2, 2025, arraigned one Ene Queen Bamaiyi before Justice A.A. Halilu of the Federal Capital Territory High Court, Apo, Abuja, over an alleged foreign exchange fraud involving N240.5 million.

Bamaiyi was accused of dishonestly converting N124 million out of N240.5 million entrusted to her by one Bright Okubo for dollar exchange.

The EFCC charged her with criminal breach of trust, contrary to Section 311 of the Penal Code and punishable under Section 312 of the same law.

When the charge was read to her in court, she pleaded not guilty.

Prosecution counsel, Joshua Saidi, informed the court of plans to call five witnesses to prove the case, while defence counsel, M.A. Attah, SAN, asked the court to grant his client bail on liberal terms, citing her status as a single mother of a two-year-old child.

Justice Halilu granted bail in the sum of N30 million with two reliable sureties in like sum, who must not be below Grade Level 14 in the civil service.

He also ordered Bamaiyi to deposit her passport with the EFCC and remanded her at Suleja Correctional Centre until the bail conditions are met.

The matter was adjourned to December 2 and 3, 2025, for trial.