The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday October 3, 2025, arraigned one Akinwunmi Fayose and his company, Precision Deep Water W. A. Limited, before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.
The defendants were arraigned on a one-count charge bordering on engaging in foreign exchange transactions other than through the official foreign exchange market.
The offence is contrary to Section 11(1) (a) and punishable under Section 11
(2) (a) of the National Economic Intelligence Committee (Establishment.
etc.) Act. 1994.
The charge reads: “That you, Akinwumi Fayose and Precision Deep Water W.A. Limited, sometime in October 2024 ,at Lagos within the Judicial Division of this Honourable Court, engaged in foreign transactions other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1) (a) and punishable under Section 11 (2) (a) of the National Economic Intelligence Committee (Establishment. etc.) Act. 1994″.
He pleaded “not guilty” to the charge when it was read to him.
The prosecuting counsel, Fanen Anum, consequently, asked the court for a trial date and also prayed the court that the defendant be remanded at the Correctional Centre.
The defence counsel, Collins Ovat, moved an oral application for bail on behalf of the first defendant and also requested a short date for commencement of the trial.
The prosecution counsel, however, opposed the defendant’s oral bail application on the grounds that there was no proper application before the court.
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Justice Owoeye adjourned the case till October 29, 2025 for commencement of trial and also ordered the remand of the defendant at a Correctional Centre.
