Ex-NRC MD sent to prison over $385,000, N165.5m fraud

The Special Offences Court in the Ikeja area of Lagos State has remanded the former Managing Director of the Nigerian Railway Corporation (NRC), Fidet Edetanle, over alleged $385,000 and N165.5 million money laundering.

Edetanle was arraigned by the Economic and Financial Crimes Commission (EFCC) on Tuesday, February 24, 2026, on a seven-count charge bordering on abuse of office, money laundering, and unlawful enrichment by a public official.

He, however, pleaded not guilty to the charges.

Leading the prosecution, EFCC counsel Abba Muhammad (SAN) told the court that in one of the counts, Edetanle while serving as managing director of the NRC between 2016 and 2024 in Lagos, abused his office.

The EFCC alleged that Edetanle violated the Public Procurement Act, 2007, in the award of contracts to contractors of the corporation, with the intent of obtaining undue advantage for himself.

It further stated that between May 29 and September 11, 2024, Edetanle engaged in acts of money laundering while still in office.

The anti-graft agency disclosed that the former NRC boss transferred $205,000 from his domiciliary account maintained with a commercial bank in Nigeria.

The EFCC said the funds were proceeds of unlawful activities and were transferred to the bank account of one Ehimen Okhiria, domiciled with ABN AMRO Bank, Netherlands.

In another count, the EFCC stated that between October 21 and November 21, 2024, Edetanle engaged in further money laundering.

Police arrest suspect for ritual attempt on 10-year-old in Katsina

The commission said the former NRC boss transferred $385,000 and N165.5 million from his domiciliary account to the bank account of Okhiria, also domiciled with ABN AMRO Bank, Netherlands.

The prosecutor said the alleged offences contravened Sections 332(1) and 332(3), 73(1), and 82(c) of the Criminal Law of Lagos State, 2011.

The EFCC thereafter requested a trial date and urged the court to remand the defendant in a correctional facility pending trial.

Earlier, the defence counsel, Adebowale Kamoru, informed the court that he had just received the charge and prayed for a short adjournment for arraignment.

The court denied the application and ordered that the defendant’s plea be taken.

Kamoru subsequently requested a brief adjournment to enable him file a bail application.

The presiding judge, Justice Rahman Oshodi, adjourned the case until May 13, 2026, for the commencement of trial and ordered that Edetanle be remanded in a correctional facility pending the determination of his bail application.

The Star