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N162m fraud: Two Bureau de change operators remanded

By Onozure Dania

Lagos—A Federal High Court sitting in Lagos yesterday remanded two bureau de change operators in prison custody over an alleged N162 million fraud, pending the hearing of their bail application.

Judicial symbol

The defendants Uju Izuogu and Richard Owegie alongside their company, Reoworld Enterprises Ltd were remanded in prison by Justice Chuka Obiozor.

The trio who are facing a three-count charge bordering on conspiracy, false representation and fraud were arraigned before the court by Special Fraud Unit, SFU.

They were alleged to have between January and May 2016, conspired amongst themselves and obtained the sum of N162 million from a lawyer, Nwosu Maduabuchi, under false pretences that they had the US Dollar equivalent, for sale and transfer for his clients in Dubai and China, for international business transactions.

The SFU prosecutor, Chief Superintendent of Police CSP, Mr. E. A. Jackson, said that Richard aided Izuogu, to obtain the said sum, from the complainant.

Meanwhile the counsel to the defendants E. E. Okoli, could not secure their bail, as the presiding judge, ordered that the case file be returned to the administrative judge, on the grounds that vacation will end in three days, and that he may not be able to adjudicate on the bail application.


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