Businessman, Firm, Face N50m Fraud Trial

Operatives of the Force Criminal Investigation Department (Force CID) Annex, Alagbon-Ikoyi, Lagos, have arraigned a Nigerian businessman, Paul Ezefulukwe, before a Federal High Court in Lagos over allegations of obtaining money by false pretences, N50 million fraud, and issuance of dud cheques.

Ezefulukwe was arraigned alongside his company, Sabi Technology Limited, on a five-count charge marked FHC/L/1067c/2025, before Justice Yellim Bogoro. The alleged offences, are said to have occurred in February 2023.

Prosecutor, Mr Samuel A. Ogala told the court that the Defendant fraudulently obtained N50 million from one Lucky Uwakwe under the pretence of using the money for investment purposes. However, the funds were reportedly not used for the intended investment, and the Defendant allegedly issued three United Bank for Africa (UBA) cheques, which were dishonoured due to insufficient funds in his account.

According to the Prosecutor, the alleged acts of Ezefulukwe and his company are contrary to Sections 8 and 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as Sections 1(1)(a) and (b) of the Dishonoured Cheque (Offences) Act, Cap. D11, Laws of the Federation of Nigeria, 2004.

Ezefulukwe, however, denied all the allegations and pleaded not guilty to the charges. He was subsequently admitted to bail under certain conditions, pending the continuation of his trial.

The court adjourned the trial to February 19, 2026, for hearing. The charges allege that Ezefulukwe and Sabi Technology Limited conspired to defraud, obtained money under false pretences, and issued dishonoured cheques in Lagos State.