EFCC Arraigns Onajefe For Alleged ₦37.4m Fraud In Lagos

EFCC Arraigns Onajefe for Alleged ₦37.4m Fraud in Lagos. The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), on Monday, February 9, 2026, arraigned one Otobor Geoffrey Onajefe on a two-count charge bordering an alleged conspiracy and stealing to the tune of ₦37,440,000.00 (Thirty-Seven Million, Four Hundred and Forty Thousand Naira) before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.

Count one reads: “Otobor Geoffrey Onajefe and Philip Otahre Onobrakpe (at large), sometime in 2023 at Lagos, within the jurisdiction of this Honourable Court, conspired to defraud Omotayo Olumide Oyebanji and Mr. Ernest Adeii the sum of ₦37,440,000.00 (Thirty-Seven Million, Four Hundred and Forty Thousand Naira).”

Count two reads: “ Otobor Geoffrey Onajefe and Philip Otahre Onobrakpe (at large), sometime in 2023 at Lagos, within the jurisdiction of this Honourable Court, dishonestly converted for their own use the sum of ₦37,440,000.00 (Thirty-Seven Million, Four Hundred and Forty Thousand Naira) belonging to Omotayo Olumide Oyebanji.”

The defendant pleaded “not guilty” to the charges when they were read to him.

Following his plea, the prosecution counsel, T. J. Banjo, asked the court for a trial date and also prayed that the defendant be remanded in a correctional facility.

The defence counsel, S.Danni, told the court about a bail application dated February 6, 2026 and filed on the same day.

He also told the court that the application had been served on the prosecution.

He, therefore, sought the court’s permission to move the application and also requested a short adjournment date at the court’s convenience.

EFCC

The prosecution counsel, however, opposed the bail application, saying, “ My lord, though the charge had been filed earlier, the bail application was only served that morning.”

He also told the court that the prosecution would file a reply on points of law, while noting the difficulty previously encountered in securing the defendant’s appearance for his arraignment.

After listening to both parties, Justice Dada adjourned the matter till February 26, 2026, for hearing and ordered that the defendant be remanded in a Correctional Centre pending further proceedings.

EFCC Boss Olukoyede Cautions REDAN Against Exposures To Financial Crimes

EFCC boss Olukoyede cautions REDAN against exposures to financial crimes. The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede, has called on the Real Estate Developers Association of Nigeria, REDAN and other stakeholders in the real estate sector to safeguard themselves against financial crimes by respecting effective tax administration, financial integrity and clear beneficial ownership disclosures.

He gave the charge in Abuja on Wednesday, February 4, 2026 at the 17th Annual General Meeting, AGM of the Real Estate Developers Association of Nigeria, REDAN, themed: “The New Tax Law as a Strategic Tool For Real Estate Finance and Housing Affordability”.

Olukoyede charged REDAN and its stakeholders to comply with the Anti-money Laundering and Financing of Terrorism AML/CFT frameworks, policies and regulations designed to prevent criminals from using the financial system to launder money or fund terrorist activities.

The Head, Compliance and Enforcement, Special Control Unit against Money Laundering (SCUML), Assistant Commander of the EFCC, ACE 1, Kazeem Oseni, who represented Olukoyede, described the theme of the AGM as timely and forward-looking, stating that the recent tax reforms of President Bola Ahmed Tinubu’s administration was a very critical opportunity to unlocking sustainable real estate financing, improve housing affordability and deepen investor confidence while reinforcing transparency and accountability.

“As Nigeria’s AML/FCT regulator for the real estate sector, SCUML-EFCC recognises that effective tax administration, financial integrity, and clear beneficial ownership disclosures not only support compliance with the new tax framework but also reduce the sector’s exposure to financial crime risks,” he said.

He called for sustained collaboration with all stakeholders and critical players in the sector, adding that the EFCC and SCUML are willing and ever-ready to collaborate with the Association.

According to him, “SCUML of the EFCC remains committed to sustain the engagement with the REDAN through guidance, capacity- building and risk-based supervision to ensure that regulatory compliance supports rather than constraints growth, innovation and access to affordable housing.”

He commended the Association for its continued partnership with the Commission and urged it to carry out customer due diligence and transaction monitoring to detect, report, and mitigate illicit financial flows.

In his opening address, the President and Chairman of Council, REDAN, His Royal Majesty, HRM, Oba Akintoye Adeoye, described the presence of the stakeholders at the event as strong conviction of their belief in the power of collaboration to drive national development.

EFCC Chairman Ola Olukoyede

The royal father said the AGM came at a critical moment in the Nigerian real estate sector, when the nation “is undergoing major economic adjustments, fiscal reforms and institutional realignments” and called for strong collaboration.

In his goodwill message, National President, Nigerian Institute of Town Planners, Dr. Ogbonna Chime said real estate sector occupied a strategic position in national development, stressing that as Nigeria continued to experience rapid urbanisation, the actions and decisions of real estate developers increasingly shape the form, functionality and sustainability of cities.

“When developers and planners work in partnership, conflicts are reduced, project delivery improves, and the long-term value of developments is enhanced”, he said.

Right Of Reply: Excel Optoelectronics Counters Claims Of Fund Diversion And Non-Performance

Excel Optoelectronics Company Limited and its Chief Executive Officer, Ambassador Emmanuel Shoon Patrick, have strongly refuted allegations of fraud, fund diversion, and non-performance contained in publications dated December 16, 2025, and February 5, 2026, describing the reports as inaccurate, misleading, and injurious to their reputation.

In a detailed Right of Reply addressed to the media, the company said the reports—titled “Chinese Excel-Led, Nigerian Fixers Swindle FG in Multi-Million Naira Airport” and “FCCPC Refers Chinese Excel-Led, Emmanuel Shoon Patrick to IGP for Criminal Prosecution”—wrongly portrayed a commercial disagreement as established criminal conduct.

Excel Optoelectronics faulted the publications for allegedly failing to seek its response before publication, a lapse it said violated Section 36 of the 1999 Constitution, the Nigerian Union of Journalists (NUJ) Code of Ethics, and basic principles of fair hearing and balance.

The company further alleged editorial bias, noting that while the identity of the complainant was shielded, the company and its CEO were fully named and portrayed in criminal terms. It argued that this selective exposure amounted to “trial by media” and suggested abuse of editorial influence linked to a private commercial dispute.

Commercial Transaction Explained

According to the company, the matter arose from a transaction initiated on or about December 1, 2025, when Folio Media Group Ltd., through its publisher, Mr. Fidelis Anosike, requested the supply and installation of LED screens on credit at Port Harcourt International Airport.

Excel Optoelectronics stated that it declined to release products on full credit in line with company policy but, as a gesture of goodwill, agreed to release a single unit upon payment of a ₦10 million deposit against an invoice of ₦28,332,372, inclusive of VAT. The invoice, the company said, clearly stated that payments were non-refundable.

The firm explained that the deposit was made with full knowledge of the agreed terms and that no further payments were received. It maintained that all tax obligations were preserved and that no public funds or government revenue were compromised.

Excel Optoelectronics insisted that the dispute remains a commercial matter currently subject to legal proceedings and should not have been framed as criminal wrongdoing. It also rejected claims of tax evasion, money laundering, or diversion of funds, describing them as unsupported by transaction records.

Demand for Redress

The company has demanded the publication of its Right of Reply with prominence comparable to the original reports, withdrawal or correction of allegations suggesting criminal conduct, removal or amendment of the online publications, and a public apology.

While expressing a preference for editorial resolution, Excel Optoelectronics warned that it would pursue legal and regulatory remedies—including petitions to the NUJ and civil actions for defamation—if corrective steps are not taken within a reasonable time.

The company reaffirmed its commitment to ethical business practices and said it would not submit to reputational harm arising from what it described as the misuse of media platforms to prosecute private commercial disagreements.