A Federal High Court in Lagos has ordered the remand of a couple and six others over an alleged N710 million fraud.
Justice Ambrose Lewis-Allagoa ordered that they be held at the Ikoyi Correctional Centre. The couple are Obinyan Osenonome and his wife, Esther.
The Defendants and the Charges
Operatives of the Police Special Fraud Unit (PSFU) brought the eight defendants to court. The other six are Elvis Eghile, Egharevba Osarieyekemwen, Precious Irbhogbe, Aghatise Uhumenkpoewan, Nweke Emmanuel and Egharevba Osagioduwa.
They face a 12-count amended charge. It covers conspiracy, fraudulent conversion of funds and concealment of the source of funds. All eight pleaded not guilty.
What the Police Allege
The prosecutor, Chief Superintendent of Police Momoh Yakubu, said the offences happened on or about June 16, 2026, in Lagos.
He said the defendants and others still at large conspired to convert N710 million belonging to ETF Nigeria Ltd/Grey Star Capital. According to him, they knew, or had reason to know, that the money came from unlawful activity.
Police said Obinyan Osenonome and others got the money through several beneficiaries’ accounts. They allegedly claimed it would serve as proof of funds. The money would then be placed under lien and returned with interest.
Police also accused him of using private accounts and forged documents. They said he altered proof-of-funds papers, including signatures, indemnity documents and Post-No-Debit documents, so they would pass as genuine.
How the Money Allegedly Moved
Police said Esther Osenonome received N263 million. They said Nweke received N279.7 million. Both sums allegedly form part of the proceeds.
The other defendants were accused of receiving or hiding smaller sums:
- Aghatise: N90 million
- Osagioduwa: N95 million
- Eghile: N85 million
- Egharevba Maryjane: N93 million
- Irbhogbe: N87 million
The prosecution said the alleged acts violate the Money Laundering (Prevention and Prohibition) Act, 2022. They also breach the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Miscellaneous Offences Act.
What Happens Next
After the pleas, Yakubu asked the court to set a trial date and keep the defendants in custody.
Defence lawyers asked for a short date to file and argue bail applications. The judge adjourned the case until October 13, 2026, to hear those applications.
