Court Rejects No-Case Submission In Alleged ₦950 Million Forex Fraud Trial

A Special Offences Court sitting in Ikeja, Lagos, has dismissed the no-case submissions filed by Alhaji Usman Abubakar and Young Alhaji Foundation, holding that the Economic and Financial Crimes Commission (EFCC) had established a prima facie case that called for the defendants to enter their defence in an alleged ₦950 million foreign exchange fraud.

Justice Mojisola Dada held that the prosecution had adduced adequate oral and documentary evidence to connect the defendants with the alleged offences.

The Abubakar and Young Alhaji Foundation is being prosecuted on a five-count charge of obtaining money by false pretences and stealing ₦950 million belonging to Ano Farms Limited.

Bilkisu Buhari-Bala, counsel to the EFCC, opposed the applications filed by the defendants, urging the court to discountenance the no-case submissions. Buhari-Bala said that the prosecution had proved all the essential ingredients of the offences through the testimony of five witnesses and documentary exhibits tendered during the trial.

The prosecutor told the court that the anti-graft agency commenced investigation following a petition dated September 23, 2022, filed by Prag Attorneys and Consultants on behalf of Ano Farms Limited.

He said the petition alleged that the defendants fraudulently obtained ₦950 million from the company for the purpose of facilitating foreign exchange transaction.

The EFCC said, Ano Farms Limited needed to buy agricultural commodities and was introduced to a Lebanese national, Dr. Abu Omer Fawzi to buy $1.25 million at an agreed rate of ₦760 to a dollar.

The prosecution said Dr. Fawzi instructed the company to transfer the naira equivalent of ₦950 million to the First Bank account of Young Alhaji Foundation.

The transfer was successfully carried out but the agreed foreign exchange was allegedly never delivered.

The prosecution also told the court that the WhatsApp conversations, which were admitted in evidence, showed communication between Ano Farms and Dr Fawzi in respect of the transaction, while bank records showed that the ₦950 million was credited to Young Alhaji Foundation’s account, contrary to the defendants’ denial.

Buhari-Bala argued that instead of providing the foreign exchange they had promised, the defendants sought to withdraw the monies even after the account was placed under a court-ordered restriction.

He also argued that the defendants did not provide consistent reasons as to who owned the money.

The first defendant denies knowledge of the transfer but also claims, according to him, entitlement to the funds as part payment of an alleged debt owed to him.

He submitted that the contradictory explanations along with the evidence before the court made out a prima facie case that called for the defendants to answer the charges.

Justice Dada agreed with the prosecution and dismissed the no case submissions filed by the defendants.

The court then directed Alhaji Usman Abubakar and Young Alhaji Foundation to open their defence.

The issue concerns a transaction in September, 2022, when Ano Farms Limited paid the sum of ₦950 million into the account of Young Alhaji Foundation expecting to get $1.25 million for the importation of agricultural commodities.

Earlier in the trial, Adeniyi Oyewole, the Managing Director of Ano Farms Limited, testified that foreign exchange was not supplied even after payment was made.

He also informed the court that when attempts were made to recover the funds, the recipient claimed that the payment was for the purchase of property, a claim he denied.

Oyewole said Abubakar, who had earlier denied knowledge of the transaction, later claimed that the cash was part payment of a $12 million debt allegedly owed to him by some other party.

Efforts to recover the funds proved abortive, hence Ano Farms petitioned the EFCC, which resulted in an investigation and criminal charges.