Forex trader remanded in prison over N10m fraud

Justice Abimbola Awogboro of a Federal High Court in Lagos on Friday remanded a forex trader, Godwin Ofor, in custody of the Nigerian Correctional Services (NCoS) over alleged N10 million fraud.

The judge made the remand order following Ofor’s arraignment by the Police Special Fraud Unit (PSFU) Ikoyi, Lagos on a 4-count charge bordering on conspiracy, obtaining N10 million by false pretences with intent to defraud and issuance of a dud cheque.

Offor, however, pleaded not guilty to the charge when it was read to him. Afterwards, his lawyer, O. Bashiru, made an oral application for his bail but the court refused his prayer.

Justice Awogboro directed the lawyer to file a formal bail application and ordered that the defendant be remanded in a Correctional Centre pending the hearing of his bail application. Further hearing in the matter has been adjourned to March 9.

The alleged offence was said to have contravened Sections 1(1)(a),(b),(c), 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 as well as section (1) (a) (i)(ii) of Dishonoured Cheques (Offences) Act, 2004 and punishable under same Act.

The charge marked FHC/L/114c/2022 reads: “That you GODWIN OFOR carrying on business in the name and style of METRO STREAMS and METRO STREAMS on or about January, 2019 in Lagos, did conspire to commit a felony to wit: Obtaining the sum of N10 million by false pretences and issuance of dud cheques.

“That you GODWIN OFOR on or about January, 2019 in Lagos, with intent to defraud did obtain by false pretences the sum of N10 million from one, VICTOR ADEORIKE through your First City Monument Bank (FCMB) Account Number: 5876524019 on the understanding that you were a reliable Forex Trader and that you were going to invest the said sum in FOREX TRADING on behalf of VICTOR ADEORIKE with a monthly 10 per cent, that is, N1 million return on investment (ROI), a representation you know to be false.

“That you GODWIN OFOR with intent to defraud did issue N10 million First City Monument Bank (FCMB) cheque Number: 40772408 dated 18th July, 2019 to VICTOR ADEORIKE and when presented for payment was dishonoured on the ground that no funds or insufficient funds were standing to your credit in the bank on which the cheque was drawn.

“That you GODWIN OFOR with intent to defraud did issue N1 million First City Monument Bank (FCMB) Cheque number: 40772404 dated 18th July, 2019 to VICTOR ADEORIKE and when presented for payment was dishonoured on the ground that no funds or insufficient funds were standing to your credit in the bank on which the cheque was drawn.”

The Star