EFCC Arraigns Onitsha Businessman Over ₦64m Textile Stock Fraud

​ONITSHA – The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has brought a 29-year-old businessman, Chizoba Emmanuel Dilo, before an Anambra State High Court for allegedly defrauding a textile merchant of ₦64 million.

​Appearing before Justice S. N. Odili, Dilo faced a two-count charge bordering on felony and stealing by fraudulent conversion. The prosecution alleges that the defendant diverted funds intended for business procurement into personal luxury acquisitions, including vehicles and real estate.

​The Allegations

​The case originated from a petition filed by Chinedu Obaino, a textile dealer at the Onitsha Main Market. According to the petitioner, he entrusted Dilo with the ₦64 million in 2021 to facilitate the importation of stocks from China. The defendant had reportedly claimed to have reliable manufacturing contacts in the Asian country.

​Investigations by the EFCC revealed that instead of executing the business mandate, Dilo allegedly utilized the funds to purchase multiple cars and construct a hotel. The commission further noted that the defendant became unreachable, changing his phone number and relocating to an unknown address until his eventual arrest.

​Court Proceedings

​During the arraignment, the counts were read as follows:

• ​Count One: Accuses Dilo of converting ₦34,013,000 belonging to Chinedu Obaino to his personal use.
• ​Count Two: Accuses Dilo of converting a further ₦29,987,000 belonging to the same complainant.

​These actions are said to contravene Section 342 of the Criminal Code Law, Cap. 36 of Anambra State.

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​While the defendant pleaded “not guilty,” EFCC counsel Rotimi Ajobiewe (ACE II) moved for a trial date and requested the defendant be remanded. The prosecution strongly opposed a bail application filed by defense counsel J. C. Odo, citing evidence that the defendant had previously jumped administrative bail granted by the commission.

​Bail and Remand

​Despite the prosecution’s objections, Justice Odili granted Dilo bail in the sum of ₦10 million. The conditions require two sureties residing in Onitsha who must provide affidavits of means and have their addresses verified by the court bailiff.

​Pending the perfection of these bail conditions, the defendant has been remanded at a Correctional facility. The court has adjourned the matter to May 26, 2026, for the commencement of trial.