EFCC arraigns Abuja business woman for alleged N240.5m forex scam

The Economic and Financial Crimes Commission (EFCC) on Thursday, arraigned Ene Queen Bamaiyi, an Abuja-based businesswoman for alleged forex fraud.

Bamaiyi was docked before Justice A.A. Halilu of the Federal Capital Territory (FCT) High Court, Apo, Abuja, on a one-count charge of criminal breach of trust involving N240.5 million.

She was accused of dishonestly converting N124 million out of the N240.5 million entrusted to her by one Bright Okubo for foreign exchange conversion.

The charge reads: “That you, Ene Queen Bamaiyi (female), sometime in May 2024 in Abuja, within the jurisdiction of this Honourable Court, while being entrusted with the sum of N240,500,000.00 (Two Hundred and Forty Million, Five Hundred Thousand Naira) by one Bright Okubo for conversion at dollar equivalent, did dishonestly convert N124,000,000.00 (One Hundred and Twenty-Four Million Naira) out of the said sum to your personal use in violation of the purpose for which the money was entrusted to you, and you thereby committed an offence contrary to Section 311 of the Penal Code.

She pleaded “not guilty” to the charge, following which the prosecution counsel, Joshua Saidi requested a trial date and informed the court of his intention to invite five witnesses to prove the case, while the defence counsel, M.A. Attah, SAN, prayed the court to grant his client bail on self-recognition and on liberal terms, citing her status as a single mother of a two-year-old child.

Justice Halilu, after considering the submissions, granted the defendant bail in the sum of N30million with two reliable sureties in like sum, who are not below Grade Level 14 in the civil service.

He further ordered that the defendant to.deposit her passport with the EFCC and be remanded in Suleja Correctional Centre, pending the fulfilment of her bail conditions.

The case was adjourned till December 2 and 3, 2025 for trial.