The Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned lawyer Alexander Ozougwu before the Federal High Court in Uyo, Akwa Ibom State, for allegedly defrauding victims of N1.323 billion through a fraudulent foreign exchange investment scheme.
According to a statement by EFCC’s Head of Media & Publicity, Dele Oyewale, Ozougwu was charged with six counts of obtaining money by false pretence and money laundering, in violation of Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.
One of the charges reads: “That you, Alexander Uchenna Ozougwu, sometime in September 2024 in Nigeria, within the jurisdiction of this Honourable Court, did take possession of the total sum of Two Hundred and Sixty-Eight Million, Eight Hundred and Fifty Thousand Naira (N268,850,000) 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.”
Ozougwu pleaded not guilty to the charges. The prosecution counsel, Joshua O. Abolarin, requested the court to remand the defendant in a correctional center and set a trial date. However, the defense counsel, C. M. Onuchukwu, informed the court of a bail application filed on self-recognizance, assuring the court of the defendant’s availability for trial.
Justice Sergius Onah granted bail to Ozougwu in the sum of N500 million, with two sureties who must be civil servants of grade level 12 or above and own landed properties within the court’s jurisdiction. The court also ordered the defendant to deposit his international passport and two recent passport photographs.
The EFCC’s investigation revealed that Ozougwu operated a Ponzi scheme, posing as a registered Bureau de Change operator with the Central Bank of Nigeria (CBN). He allegedly collected passwords to his victims’ betting accounts, promising to fund them but instead diverted the funds to various betting platforms. A total of N1.323 billion was traced to the fraudulent scheme.
Justice Onah adjourned the case to March 31, 2025, for trial.
