Alleged ₦351.5m Fraud: Court orders remand of Nigerien at correctional facility

By : Yetunde Ayobami Ojo

Date: 13 January 2026 8:16pm WAT

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A Federal High Court sitting in Ikoyi, Lagos, has ordered the remand of a Niger Republic national, Isiaka Ibrahim, over an alleged ₦351.5 million fraud.

Justice Ibrahim Ahmad Kala ordered that the defendant be remanded at the Ikoyi Custodial Centre of the Nigerian Correctional Service (NCoS) after his arraignment on a three-count charge bordering on conspiracy and obtaining money by false pretence.

Ibrahim, who is said to reside in Igolo, Benin Republic, was arraigned by operatives of the Force Criminal Investigation Department (ForceCID), Annex, Alagbon-Ikoyi, Lagos, in a charge marked FHC/L/1112c/2025.

The prosecutor, Mr Morufu Ajani Animashaun, told the court that the defendant and others now at large allegedly committed the offences between February and August 2024 in Lagos.

Animashaun said the alleged offences were carried out at No. 30 Adegbola Street, Alakuko, Alagbado, and No. 22B Fola Jinadu Street, Gbagada Estate, Phase 1, Lagos State.

According to the prosecutor, the defendant fraudulently obtained the sum from two individuals by falsely representing that he could convert their funds into Republic of Benin CFA and invest them in foreign exchange trading.

The prosecutor informed the court that the alleged acts contravened Sections 8(a) and 1(1)(a) and are punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The defendant pleaded not guilty to all the charges.

Following his plea, the prosecution requested that the court remand the defendant in custody pending trial and fix a trial date.

The defendant’s counsel, Mr Olanrewaju Ajanaku, informed the court that he had filed a bail application on behalf of his client and that the application had been served on the prosecution.

He argued that the offences were bailable and that his client was presumed innocent until proven guilty.

Opposing the bail application, the prosecutor described the defendant as a flight risk, noting that he is a foreign national without a verifiable residential address in Lagos or elsewhere in Nigeria.

After hearing submissions from both parties, Justice Kala adjourned the matter to February 9 for trial and the hearing of the pending bail application.

The judge therefore ordered that the defendant be remanded to the Ikoyi Custodial Centre of the Nigerian Correctional Service.

In the charge, the Inspector General of Police alleged that Ibrahim conspired with others now at large to defraud Kofoworola Osho of ₦101.5 million under the pretext of providing the Republic of Benin CFA equivalent, and separately induced Alhaji Adelabu Mutiu to part with ₦250 million on the claim that he was trading in foreign exchange on his behalf.

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