The Economic and Financial Crimes Commission (EFCC) has charged businessmen Dr. Fagite Oladipo and Raymond Akintayo, along with two companies, Cabota Power Company Limited and Cabota Group Limited, with an eight-count charge of conspiracy, fraud, and unlawful conversion amounting to N1.55 billion. The defendants allegedly obtained this money from Ocean Lord Limited between May 2 and May 15, 2025, by falsely claiming they possessed a valid license to conduct foreign exchange transactions, a license the EFCC says was non-existent. Additionally, they are accused of fraudulently converting N464 million and operating an unlicensed bureau de change, violating the Advance Fee Fraud Act, the Criminal Code Act, and the Banks and Other Financial Institutions Act (BOFIA). Before Justice Daniel Osiagor, both Oladipo and Akintayo pleaded not guilty. While the defense requested bail, the judge ordered that the defendants remain in EFCC custody until December 11, 2025, when the court will formally hear their bail application.
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