The Economic and Financial Crimes Commission (EFCC) has formally commenced the trial of Joseph Igbeka before Justice Mojisola Dada of the Lagos State High Court, Ikeja, presenting its first prosecution witness in a multi-million-naira fraud case.
Igbeka is facing a four-count charge bordering on obtaining money by false pretences and stealing to the tune of $200,000. He was initially arraigned on June 17, 2026, by the Lagos Zonal Directorate 2 of the anti-graft agency, where he entered a plea of not guilty.
Testifying as the first prosecution witness (PW1) on Monday, the petitioner, Arnold Mozia, detailed how the defendant allegedly defrauded him across two separate transactions involving foreign exchange investments.
According to Mozia, the first transaction occurred on February 26, 2025, when Igbeka instructed him to transfer the naira equivalent of $20,000—totaling N29,940,000—into three designated accounts: Saint_OTS Limited (Providus Bank), Owolabi Temitayo Samuel (Access Bank), and Olagoke Hammed (PalmPay). Mozia told the court he successfully disbursed the funds via his Zenith Bank account.
In a subsequent transaction on September 9, 2025, Mozia stated that the defendant solicited an additional $180,000 for forex trading investment. Guided by Igbeka’s instructions, the petitioner transferred a total of N274,140,000 across three accounts belonging to Saint_OTS Limited (Kuda Bank), Owolabi Temitayo Samuel (Access Bank), and Oluzo Adeglo Bal Limited (Access Bank).
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The prosecution witness informed the court that the defendant neither refunded the capital nor yielded the promised returns or loan repayments.
Justice Dada has adjourned the matter to December 8, 2026, for the continuation of trial.