A suspected fake Bureau De Change agent, Isiaka Ibrahim, 48, has been arrested by the operatives of the Nigeria Police Force Criminal Investigation Department, FCID, Alagbon Close, Ikoyi, Lagos and dragged before a Lagos Magistrate’s Court for allegedly defrauding a businesswoman, Kofoworola Osho of the sum of N101,500,000 under false pretence.
Police said the defendant allegedly collected the money from the complainant with the promise to supply her Benin Republic CFA currency equivalent to the Nigeria currency but that the defendant after collecting the money failed to supply the currency for the complainant and instead converted the money to his personal use and fled.
Police alleged that when the complainant waited for days for him to supply the currency and his phones were no longer going through, the complainant petitioned the Inspector General of Police who referred the matter to the Assistant Inspector General of Police for detailed investigation.
The defendant was charged before the Tinubu Magistrate’s Court, Lagos Island on a three count charge bordering on conspiracy, obtaining money by false pretence and stealing.
Police Counsel, L.S Oju informed the court in the charged marked TA/99/2025 that the defendant committed the offence between February 2024 and August 2024 in Lagos.
Oju told the Court that the defendant deliberately collected the N101,500,000 from the complainant with the pretext of supplying her Benin Republic CEFA currency equivalent to the Nigeria currency to defraud her knowing full well that he doesn’t have any CEFA to supply.
He said the offences, the defendant committed were contrary to and punishable under sections 325, 314(3) and 287 of the Criminal Law of Lagos State, 2025.
The defendant, however pleaded not guilty to the charges and Chief Magistrate M.Owunmi granted him N20,000,000 bail with two sureties in like sum.
Owunmi directed that the surties must be properly owners within the Court’s jurisdiction and must also deposit the sum of N2 million each in the account of the Court registrar.
He adjourned the case till 16 September, 2025 for mentioning and ordered that the defendant be kept at the Ikoyi correctional facility till he perfected the bail conditions.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
