Alexander Ozougwu, an Uyo-based lawyer has been arraigned by the Economic and Financial Crimes Commission (EFCC) before the Federal High Court in Uyo, Akwa Ibom State, for allegedly defrauding his victims of N1.323 billion.
According to the EFCC’s Head of Media & Publicity, Mr. Dele Oyewale, Ozougwu faces charges under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act 2022. Ozougwu allegedly defrauded his victims through a fake foreign exchange investment scheme, resulting in the loss of over N1.3 billion.
The lawyer was arraigned on six counts, including obtaining money by false pretenses, which contravenes Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.
One charge against him includes the possession of N268.85 million, which was obtained through a bank account in the name of “STARLIGHT ATTORNEYS” in September 2024, while another charge relates to N213 million obtained in July 2024. Ozougwu pleaded not guilty to the charges, prompting the prosecution to request his remand at a correctional facility pending the trial.
Justice Sergius Onah granted Alexander Ozougwu bail in the sum of N500 million with two sureties, who must be civil servants of grade level 12 or above and own property within the jurisdiction. The defendant is also required to deposit his international passport and provide two passport photographs.
Investigations revealed that Ozougwu presented himself as a registered Bureau de Change operator with the Central Bank of Nigeria (CBN), convincing victims to trust him with their betting account credentials.
He allegedly misused the funds for a Ponzi scheme and transferred much of the money to various betting platforms.
The case was adjourned to March 31, 2025, for trial, with Justice Onah directing the defendant to comply with the bail conditions. The EFCC’s investigation uncovered that a total of N1,323,850,000 was diverted from the victims’ accounts under the guise of foreign exchange trading.
