Lagos Court Jails Man One Year for ₦37m Forex Fraud
✍️ By Tobi | February 16, 2026 | 20:40 PM
Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, has convicted and sentenced one Henry Daniel to one year imprisonment for a ₦37 million foreign exchange fraud.
Daniel was arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on a two-count charge bordering on obtaining money by false pretence and stealing. The offences were said to have been committed between January and October 2020, when the defendant allegedly collected ₦37 million from Mr. Eze Onyekachukwu under the guise of investing in forex trading.
According to the charge, Daniel trading under the name Equigro Financial Services—falsely represented to the petitioner that the funds were for a forex investment, an act the prosecution said contravened Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. A second count accused him of fraudulently converting the same sum to his personal use, contrary to relevant provisions of the Criminal Law of Lagos State, 2011.
The defendant pleaded not guilty, prompting a full trial. During proceedings, prosecution counsel Babatunde Sonoiki presented three witnesses and tendered several documents, all of which were admitted in evidence by the court.
Delivering judgment, Justice Abike-Fadipe found Daniel guilty as charged and sentenced him to one year imprisonment, with an option of a ₦2 million fine. The court also ordered him to undertake 50 hours of community service and to make restitution of ₦15.6 million to the petitioner.
The EFCC said the convict was arrested after failing to invest the funds in forex or refund the money to the complainant, leading to his prosecution and eventual conviction.
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