EFCC Arraigns Woman for N240.5 Million Forex Fraud in Abuja

Abuja, Nigeria ,October 2, 2025

The Economic and Financial Crimes Commission (EFCC) on Thursday, October 2, 2025, arraigned Ene Queen Bamaiyi before Justice A.A. Halilu of the Federal Capital Territory (FCT) High Court in Apo, Abuja, on a one-count charge of criminal breach of trust involving N240.5 million.
According to the EFCC, Bamaiyi was entrusted with N240,500,000 (Two Hundred and Forty Million, Five Hundred Thousand Naira) by one Bright Okubo for the purpose of converting the money into its dollar equivalent. However, she allegedly dishonestly converted N124 million of the funds to her personal use.

The charge against her reads:
“That you, Ene Queen Bamaiyi (female), sometime in May 2024 in Abuja within the Judicial Division of this Honourable Court, while being entrusted with the sum of N240,500,000.00 (Two Hundred and Forty Million, Five Hundred Thousand Naira) by one Bright Okubo for conversion at dollar equivalent, did dishonestly convert N124,000,000.00 (One Hundred and Twenty-Four Million Naira) out of the said sum to your personal use in violation of the purpose for which the money was entrusted with you, and you thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Code.”

Bamaiyi pleaded “not guilty” to the charge.
Prosecution counsel Joshua Saidi requested a date for trial and informed the court of the EFCC’s plan to call five witnesses to testify. In response, the defence counsel, M.A. Attah, SAN, applied for bail on behalf of the defendant, urging the court to consider her as a single mother of a two-year-old child, and grant bail on liberal terms or self-recognition.

After hearing arguments from both sides, Justice Halilu granted the defendant bail in the sum of N30,000,000 (Thirty Million Naira) with two reliable sureties in like sum. The sureties must not be below Grade Level 14 in the civil service. The judge also ordered that the defendant deposit her international passport with the EFCC.
Pending the fulfillment of the bail conditions, Bamaiyi is to be remanded at Suleja Correctional Centre.
The court adjourned the case to December 2 and 3, 2025 for trial.