A Bureau de Change (BDC) operator, Chidiebere Okeke, has been arraigned by the Economic and Financial Crimes Commission (EFCC) over an alleged N446.5 million fraud involving a failed foreign currency transfer to China.
Okeke was arraigned alongside two companies, Paderlambs Investment Limited and Ishiugbo Nigeria Limited, before Justice Evelyn Anyadike of the Federal High Court in Awka, Anambra State.
The EFCC’s Enugu Zonal Directorate brought a three-count charge against the defendants bordering on forgery and obtaining money by false pretence.
The alleged fraud involves N446,579,629, reportedly paid by Izuchukwu Okeke, Managing Director of Alphard Candy and Sons Limited, for onward transfer to his business partner in China.
How the Alleged N446.5m Fraud Happened
According to the EFCC, the money was initially paid into the bank account of Nwadili David Chukwuka, a Bureau de Change operator trading as Ifeabata Ventures.
The funds were subsequently transferred into the accounts of Paderlambs Investment Limited and Ishiugbo Nigeria Limited.
The commission alleged that Chidiebere Okeke claimed to have remitted the equivalent amount in Chinese Renminbi (RMB) to the petitioner’s business partner in China, despite allegedly knowing that the representation was false.
One of the charges accused the defendants of obtaining the money between October and November 2023 in Onitsha, Anambra State, with intent to defraud.
The charge was brought under Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, punishable under Section 1(3) of the same Act.
EFCC Alleges Forgery of Telex Documents
The third count accused Chidiebere Okeke of making forged telex documents purportedly issued by JCI General Trading Pty Limited, Brisbane, Australia.
The EFCC alleged that the documents were knowingly forged or intended to be used as genuine, to the prejudice of Izuchukwu Okeke and his company.
The alleged offence contravenes Section 1(2)(c) of the Miscellaneous Offences Act, Laws of the Federation of Nigeria, 2004.
Defendant Pleads Not Guilty
When the charges were read to him, Okeke pleaded not guilty.
Following his plea, EFCC counsel, Assistant Commander of the EFCC (ACE II), Michael Ikechukwu Ani, asked the court to fix a trial date and remand the defendant in the custody of the Nigerian Correctional Service (NCoS) in Awka.
Justice Anyadike subsequently adjourned the matter to November 19, 2026, for the hearing of the bail application.
The defendant was remanded at the NCoS facility in Awka.
How the Case Reached the EFCC
The EFCC disclosed that the Department of State Services (DSS) handed Okeke over to the commission on October 30, 2024, following a petition by Izuchukwu Okeke.
The petitioner alleged that between September and November 2023, he gave N446,579,629 to Nwadili David Chukwuka for onward transfer in Renminbi to his business partner in China.
According to the petitioner, Chukwuka later informed him that the money had been handed over to Chidiebere Okeke for the transaction.
When confronted, the defendant allegedly admitted receiving the money but failed to complete the transfer. Instead, he reportedly attempted to refund the amount by issuing a dud cheque.
The defendant is facing trial, and the allegations have yet to be established in court.
