A Special Offences Court sitting in Ikeja, Lagos, has dismissed the no-case submissions filed by Alhaji Usman Abubakar and Young Alhaji Foundation in an alleged ₦950 million foreign exchange fraud case, ruling that they have a case to answer.
Justice Mojisola Dada held that the Economic and Financial Crimes Commission (EFCC) presented sufficient evidence to establish a prima facie case against the defendants, directing them to enter their defence.
Abubakar and the foundation are standing trial on a five-count charge bordering on obtaining money by false pretence and stealing ₦950 million belonging to Ano Farms Limited.
While opposing the defendants’ no-case applications, EFCC counsel Bilkisu Buhari-Bala argued that the prosecution had successfully established the essential elements of the offences through the testimony of five witnesses and documentary evidence tendered before the court.
According to the prosecution, the EFCC launched its investigation after receiving a petition dated September 23, 2022, submitted by Prag Attorneys and Consultants on behalf of Ano Farms Limited.
The petition alleged that the defendants fraudulently obtained ₦950 million from the company under the pretext of facilitating a foreign exchange transaction.
The EFCC told the court that Ano Farms Limited required foreign exchange to import agricultural commodities and was introduced to a Lebanese businessman, Dr. Abu Omer Fawzi, for the purchase of $1.25 million at an agreed exchange rate of ₦760 per dollar.
The prosecution said Dr. Fawzi instructed the company to transfer the naira equivalent of ₦950 million into the First Bank account of Young Alhaji Foundation.
Although the payment was made successfully, the promised foreign exchange was allegedly never delivered.
According to the prosecution, WhatsApp messages admitted as evidence showed communication between Ano Farms and Dr. Fawzi concerning the transaction, while bank records confirmed that the ₦950 million was credited into the account of Young Alhaji Foundation despite the defendants’ denial.
The EFCC further alleged that instead of delivering the agreed foreign exchange, the defendants attempted to withdraw the funds even after the account had been placed under a court-ordered restriction.
The prosecutor also told the court that the defendants gave conflicting explanations about the ownership of the money. While initially denying any knowledge of the transfer, the first defendant later claimed that the funds represented part payment of an alleged debt owed to him.
Buhari-Bala maintained that the contradictory claims, alongside the documentary and oral evidence presented, clearly established a prima facie case requiring the defendants to respond to the allegations.
In her ruling, Justice Dada agreed with the prosecution, dismissed the no-case submissions filed by both defendants and ordered Alhaji Usman Abubakar and Young Alhaji Foundation to open their defence.
The case stems from a transaction carried out in September 2022, during which Ano Farms Limited transferred ₦950 million into the foundation’s account with the expectation of receiving $1.25 million to finance the importation of agricultural commodities.
Earlier in the trial, the Managing Director of Ano Farms Limited, Adeniyi Oyewole, testified that despite making the payment, the agreed foreign exchange was never supplied.
He further informed the court that efforts to recover the money were unsuccessful, adding that the recipient initially claimed the payment was for the purchase of property, an explanation he rejected.
Oyewole also testified that Abubakar later changed his position by claiming the money was part payment of a $12 million debt allegedly owed to him by another party, despite previously denying any knowledge of the transaction.
Following repeated but unsuccessful attempts to recover the funds, Ano Farms Limited petitioned the EFCC, leading to an investigation and the criminal charges now before the court.
READ ALSO:
- Okpebholo Nominates Igbo Community Leader as Edo Commissioner
- First Lady Remi Tinubu Draws Widespread Outrage Over Akara, Roasted Corn Business Remarks
- Fred Ebere Slams Mr Ibu’s Widow Over Public Appeal, Demands Accountability for Late Actor’s Assets
- Obasanjo, Kwankwaso Reunite in Kano
- Court Orders Defendants to Open Defence in Alleged ₦950 Million Forex Fraud Case
