EFCC Charges Two Individuals, Firm Over Alleged Attempted €49 Million Fraud

 

The Economic and Financial Crimes Commission (EFCC) has arraigned Abel Sokari, Nkiruka Chukwuma, and a company, International Cargo Services and Logistics Limited, before the Lagos State High Court sitting in Ikeja over an alleged attempt to defraud a foreign investor of €49 million.

The commission brought the defendants before Justice O.O. Abike-Fadipe on a 10-count charge bordering on conspiracy to commit a felony, forgery, and obtaining money by false pretence. According to the EFCC, the defendants conspired to forge documents and misrepresent themselves to facilitate the massive fraud against a European investor who was seeking to invest in Nigeria’s oil and gas sector.

At the hearing, the EFCC counsel, Mrs. Vera Aigboje, told the court that Sokari and Chukwuma, acting under the guise of directors of International Cargo Services and Logistics Limited, allegedly forged several corporate documents, including letters purportedly from the Nigerian National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN). The forged documents were allegedly used to convince the foreign investor that the transaction was legitimate and endorsed by relevant government agencies.

According to the prosecution, the fraudulent scheme began in March 2022 when Sokari and Chukwuma approached the investor through an agent, claiming they had the capacity to facilitate the lifting and export of crude oil from Nigeria to Europe. They allegedly promised the investor huge returns once the €49 million was paid as upfront commitment fees to secure the crude oil allocation from the NNPC.

Investigations by the EFCC revealed that the documents provided to the investor bore fake seals and signatures of top government officials, which upon verification, were confirmed to be forged. Further checks showed that the defendants had no genuine contract with the NNPC or any legal permit to lift or export crude oil from Nigeria.

When the charges were read to them in court, Sokari and Chukwuma pleaded not guilty to all counts. The company, represented by Sokari as its managing director, also entered a not guilty plea. Their defence counsel, Mr. Olumide Adebayo, pleaded with the court to grant his clients bail on liberal terms, stating that they had been cooperating with the EFCC during investigations and had credible sureties willing to stand for them.

However, the prosecution opposed the bail application, arguing that the magnitude of the alleged fraud, the amount involved, and the sophistication of the syndicate pose significant flight risks. Mrs. Aigboje told the court that the EFCC had concrete evidence that the defendants had attempted to liquidate assets and transfer proceeds abroad before their arrest.

After hearing arguments from both sides, Justice Abike-Fadipe adjourned the ruling on the bail application to July 15, 2025, and ordered that the defendants be remanded at the Kirikiri Correctional Centre pending the outcome of the bail hearing.

The judge also directed the EFCC to expedite the process of serving the defence team all relevant documents to ensure that the trial proceeds without unnecessary delays. She warned both parties that the court would not tolerate any attempts to frustrate the proceedings through frivolous applications or adjournments.

The EFCC, in a statement issued after the court session, reiterated its commitment to tackling economic and financial crimes in all forms, especially those that tarnish Nigeria’s image internationally. The commission noted that fraudulent schemes targeting foreign investors pose a serious threat to the country’s investment climate and must be met with the full force of the law.

Meanwhile, the arraignment has sparked fresh conversations around the need for stricter due diligence by foreign investors engaging with local partners in Nigeria. Industry stakeholders say that fraudulent oil and gas deals have been on the rise in recent years, with syndicates exploiting loopholes and misrepresenting themselves as agents or partners of reputable government agencies.

A legal analyst, Barrister Uche Okeke, who spoke outside the court premises, said the case should serve as a warning to both investors and local businesses to always verify claims independently before committing large sums of money. He added that government agencies should strengthen inter-agency verification processes to make it more difficult for fraudsters to forge documents and impersonate legitimate institutions.

For now, the defendants remain in custody as the legal battle unfolds. If convicted, Sokari and Chukwuma face significant jail terms, while the company could have its operating licence permanently revoked, alongside a possible forfeiture of assets to the federal government.

The EFCC has urged members of the public with information about similar fraudulent schemes or the activities of the defendants to come forward, promising that all credible information would be treated with confidentiality.

The case underscores the EFCC’s broader campaign to sanitise Nigeria’s business environment, which has seen an uptick in high-profile fraud prosecutions in recent months. As the trial begins in earnest, all eyes will be on the court to see whether this case will set a strong precedent in the fight against large-scale fraud and cross-border financial crimes.