The Economic and Financial Crimes Commission (EFCC) has arrested a man identified as Callistus Okeke over allegations that he defrauded two individuals of N369.3 million through separate transactions.

The commission’s spokesperson, Dele Oyewale, disclosed this in a statement on Tuesday. He said operatives from the EFCC’s Enugu Zonal Directorate apprehended the suspect following petitions filed by the complainants.

According to the statement, the two petitioners, identified as Chinedu Ezeugwu and Ernest Agu, accused Okeke of posing as a Bureau De Change operator to obtain large sums of money under false pretences.

First petition

The EFCC said Mr Ezeugwu alleged that he transferred N157.3 million to the suspect for onward remittance to his business associate in China.

However, only N24 million was reportedly delivered to the intended recipient. The petitioner said he was later given telex copies purportedly issued by ABA Bank of Cambodia as proof of payment for the outstanding balance. The commission stated that when the documents were presented abroad, they were discovered to be forged.

During interrogation, the suspect allegedly admitted diverting the funds for personal use. He was quoted as saying he used the money to offset other financial obligations due to business difficulties and sent fabricated bank transfer documents via WhatsApp to the complainant.

Investigators further established that Okeke was not a licensed Bureau De Change operator, contrary to his earlier representation.

The EFCC said the suspect has refunded N50 million to Mr Ezeugwu, leaving an outstanding balance of N83.295 million.

Second petition

In a separate complaint, Mr Agu alleged that in 2024, the suspect requested a loan of N212 million to facilitate a transaction, claiming his funds were held in dollars outside Nigeria. According to the EFCC, the complainant transferred the amount based on assurances of repayment. However, attempts to recover the money reportedly failed, with invoices and telex documents later found to be falsified.

The commission said the suspect has so far returned N167.6 million to Mr Agu, leaving a balance of N44.3 million unpaid. Mr Oyewale stated that the suspect will be arraigned in court upon the conclusion of investigations.

Legal context

Under Nigerian law, offences such as obtaining money by false pretence and forgery are criminalised by the Criminal Code Act and the Penal Code. Section 419 of the Criminal Code prescribes up to three years’ imprisonment for obtaining by false pretence, while Section 467 provides penalties for forgery.

In northern Nigeria, Section 364 of the Penal Code allows for prison terms of up to 14 years for forgery-related offences. Authorities say investigations are ongoing.