EFCC Charges Lagos Businesswoman Over $1.8 Billion Fraud…

Interior of an empty courtroom with gavel, law books and sound pad on desk.

The Economic and Financial Crimes Commission (EFCC) has arraigned a businesswoman, Titilayo Eboh, before the Special Crimes Court, sitting in Ikeja area of ​​Lagos State, over an alleged N1.8 billion fraud.

On Wednesday 4 March 2026, Eboh was arraigned along with a company, Chayomi Aluminum Limited, and one Abubakar Funtua (now at large), on three charges of conspiracy, theft and obtaining money by false pretenses.

The defendant, however, pleaded not guilty to the charges.

The prosecutor, Nnaemeka Omenwa, urged the court to order the businesswoman remanded in custody, pending trial.

He informed the court that the defense lawyer had sent a bail application to his email address, on a twin case involving the accused, pending before Justice Rahman Oshodi.

The lawyer added that he needed clarification from the defender, to know which question to base on before filing the reply.

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In response, the defense lawyer, Emefo Etudo, said he was not involved in what happened before Justice Oshodi.

He prayed the court to grant more trial dates while the bail application should be given early for hearing, following discussions with the prosecution.

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The president of the court, Judge Mojisola Dada, ordered the businesswoman to be remanded in custody and adjourned the case to March 24, 2026, for the hearing on the bail application.

The EFCC alleged in one of the charges that the accused, with another still at large, committed the offense between December 2, 2020 and January 25, 2021 in Lagos.

The anti-corruption agency said Eboh obtained N1.8 billion from Olamayowa Abdulwasiu-Olabisi and Adekanmi Adedire of Himark Intertrades Limited, with intent to defraud.

He was alleged to have told the nominal complainants that he had the dollar equivalent of the said sum to exchange for them at the rate of N420 per dollar, knowing this to be false.

The prosecutor alleged that Eboh dishonestly converted the sum of $458.2 million belonging to the complainants for his personal use.

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