Sunday, May 29, 2022

EFCC docks Kano Forex trader over N7.6m alleged fraud

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Rayyan Alhassan
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
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The Kano Zonal Office of the Economic and Financial Crimes Commission, EFCC, on Friday arraigned one Abubakar Ibrahim before Justice Lewis A. Allagoa of the Federal High Court, sitting in Kano, on a five count charge of money laundering.

Wilson Uwujaren, the Head, Media & Publicity of the EFCC, in a statement on Friday, said the defendant who is promoter of Flexus Global Investment allegedly used the company which is not duly registered with the SCUML to engage in foreign exchange trading.

Through one of his agents, Umar Kabir, he allegedly obtained a total sum of N7.6 million from the complainant with the promise of 30-35 percent monthly return on investment.

However, after investing the said sum the complainant neither received the promised interest nor get a refund of the sum invested.

One of the counts read: ”That you Abubakar Ibrahim (being the Managing Director of Flexus Global Investment Ltd) while acting in such capacity, sometimes in 2019 in Kano, Kano State within the jurisdiction of this Honorable Court did fail to declare the existence of your company with Special Control Unit Against Money Laundry (SCUML) before commencing business under the name Flexus Global Investment Limited and thereby committed an offence contrary to Section 5(1) (a) (i) and punishable under Section 5(6) (a) & (b) of Money Laundering (Prohibition) Act, 2011 (As Amended).”

The Defendant pleaded “not guilty” to the charges preferred against him.

In view of his plea, prosecution counsel, Michael Ojo asked the court for a date to commence; that the accused person be remanded in the custody of the Nigerian Correctional Service.

But the defence counsel, H.A Hamza urged the court to admit the defendant to bail.

Justice Allagoa granted the defendant bail in the sum of N50 million with one surety in like sum.

“The surety must be the owner of a landed property within Kano metropolis, which shall be verified by the registry of the court,” the judge said.

The case has been adjourned till November 19, 2020 for trial.

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