The Economic and Financial Crimes Commission (EFCC) has arraigned two suspected fraudsters before the Federal High Court in Benin City over an alleged N143 million fraud.
The defendants, Kelvin Usiholo and Osaigbovo Aikoriogie, were docked on Tuesday, February 17, 2026, before Justice B. O. Quadri by the EFCC’s Benin Zonal Directorate.
They were charged alongside three others said to be at large, Eghosa Aikoroghie, Junior Igbinovia and Bobby Osaretin on a three-count charge bordering on money laundering and obtaining by false pretence.
According to the EFCC, the suspects allegedly conspired in 2024 to commit money laundering, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
Court documents revealed that between April and May 2024, the defendants allegedly took control of N143,000,000 paid into a First Bank Plc account allegedly operated by them. The commission said the funds were proceeds of unlawful acts which the defendants “knew or reasonably ought to have known”.
In a twist, investigations showed that Usiholo had earlier petitioned the EFCC through a law firm, accusing Aikoriogie of defrauding Eghosa Aikoroghie in a business deal. However, the anti-graft agency said it uncovered a syndicate allegedly involving both the complainant and the accused, targeting unsuspecting victims, including foreigners.
Both defendants pleaded not guilty when the charges were read.
Prosecution counsel, Immaculate Elodi, asked the court to fix a trial date.
Justice Quadri adjourned the case to February 27, 2026, for hearing of the bail application.
