A legal practitioner, Barrister Alexander Uchenna Ozougwu, has been arraigned by the Economic and Financial Crimes Commission (EFCC) before the Federal High Court sitting in Uyo, Akwa Ibom State, over allegations of defrauding victims of N1,323,850,000 through a fraudulent foreign exchange investment scheme.
The Economic and Financial Crimes Commission (EFCC), Uyo Zonal Directorate, arraigned Ozougwu on Wednesday, February 12, 2025, before Justice Sergius Onah.
According to Dele Oyewale, Head of Media & Publicity for the EFCC, Ozougwu faces six counts of obtaining money by false pretence, in violation of Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.
One of the charges against Ozougwu reads, “That you Alexander Uchenna Ozogwu sometime in September 2024 in Nigeria, within the jurisdiction of this Honorable Court, did take possession of the total sum of Two Hundred and Sixty Eight Million, Eight Hundred and Fifty Thousand Naira Only (-N=268,850,000) through a bank account with account name- STARLIGHT ATTORNEYS which you knew formed proceeds of an unlawful act to wit: obtaining money by false pretence and thereby committed an offence contrary to Section 18(2)(d) of the Money laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act.”
Another charge states, “That you Alexander Uchenna Ozougwu sometime in July, 2024 in Nigeria, within the jurisdiction of this Honorable Court, did take possession of the total sum of Two Hundred and Thirteen Million Naira Only (=N=213,000,000) through a bank account with account name- STARLIGHT ATTORNEYS which you knew formed proceeds of an unlawful act to wit: obtaining money by false pretence and thereby committed an offence contrary to Section 18(2)(d) of the money laundering (Prevention and Prohibition) Act 2022 and punishable under Section 18(3) of the same Act.”
Ozougwu pleaded not guilty to the charges. In response, prosecution counsel Joshua O. Abolarin requested the court to remand the defendant in a correctional facility and set a trial date. However, the defense counsel, C. M. Onuchukwu, presented a bail application on self-recognition, assuring the court that the defendant would be available for trial.
Justice Onah granted bail in the sum of N500,000,000 with two sureties in like sum. The sureties must be civil servants of grade level 12 or above and possess landed properties within the court’s jurisdiction. Additionally, the defendant was ordered to surrender his international passport and two recent passport photographs to the court.
According to the EFCC, the charges were based on four petitions. The complainants alleged that Ozougwu posed as a registered bureau de change operator with the Central Bank of Nigeria, gaining their trust and access to their betting account passwords under the pretense of funding their accounts. However, he allegedly diverted the funds.
Investigations by the EFCC revealed that Ozougwu was running a Ponzi scheme under the guise of foreign exchange transactions and had funneled much of the victims’ money into various betting platforms. A total of N1,323,850,000 was reportedly siphoned from the petitioners’ accounts.
Justice Onah adjourned the case to March 31, 2025, for trial.
