EFCC Arraigns Two Over Alleged €49 Million Fraud Attempt in Lagos

Lagos, Nigeria – The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Monday, July 7, 2025, arraigned Abel Egerton Sokari, Nkiruka Chukwuma, and Zakah Global Investment Limited before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos. They face a six-count charge related to obtaining by false pretence, possession of fraudulent documents, and forgery, totaling Forty-Nine Million Euros (€49,000,000).

According to the charges, Sokari, Chukwuma, and Zakah Global Investment Limited, along with Cheryl Austin Adanti, Husain Abid, Shazad Muhammed, and Ismail Adil (the latter four currently at large), allegedly attempted to defraud First Bank of Nigeria on or about May 19, 2025.

They purportedly misrepresented that Bayan Investment Bank and Hedge Fund Statutory Trust had transferred €49,000,000 into Zakah Global Investment Limited’s account (number 2046430791) domiciled at First Bank of Nigeria.

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Additionally, Abel Egerton Sokari and Nkiruka Chukwuma are accused of possessing a fraudulent document in April 2024: a letter supposedly from the law office of Steven H. Sado, P.C., described as a lead defence attorney for President Donald Trump, which they knew to be false.

All defendants pleaded not guilty to the charges. Prosecution counsel, H.U. Kofarnaisa, requested a trial date and sought the remand of the defendants. However, the defence counsels, Clement Onwenwnor, SAN, and Laolu Owolabi, SAN, presented pending bail applications, urging the court for liberal bail terms and offering to take custody of the defendants.

Justice Dada granted bail to both defendants in the sum of N500,000 each, with one surety in like sum. They were temporarily released to their respective counsels, pending the perfection of their bail conditions within one month.

The case has been adjourned to October 29, 2025, for the commencement of trial.