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Two forex ‘traders’ dragged to court for allegedly defrauding clients of N5.9m

By Timothy Agbor, Osogbo and Kehinde Olatunji, Lagos
14 December 2021   |   2:56 am
The Department of State Services (DSS) has arraigned two young Nigerians before an Osun State Magistrate Court sitting in Osogbo for allegedly defrauding two clients of the sum of N5,980,000,00.

Forex

The Department of State Services (DSS) has arraigned two young Nigerians before an Osun State Magistrate Court sitting in Osogbo for allegedly defrauding two clients of the sum of N5,980,000,00.

The DSS accused the two defendants, Abiodun Ayomide Matthew, aged 24 and Alogba Olayinka Yusuf, 32, of setting up and operating unregistered and illegal forex businesses, ‘D-Delight Binary and Forex Investment Company LTD’ and ‘Alatmax’ between October and December 2020 in Osogbo.

Through these businesses, the Head of Legal Services of DSS said the duo conspired and fleeced unsuspecting members of the public.

The prosecution informed the court that Matthew and Olayinka, between October 2020 and April 2021, in Osogbo, obtained with fraudulent intent the sum of N4,400, 000,00 from one Atilola Atilade Adeleke and the sum of N1,580,000,000 from one Akintifonbo Anuoluwapo Tejumola under the guise of operating legitimate forex business. 

The alleged offences contravened Sections 516 and 419 of the Criminal Code, Cap 34, Volume II, Laws of Osun State of Nigeria, 2002.

The defendants pleaded not guilty to the two-count charge of conspiracy and fraud leveled against them.

The defence counsel, Bola Ige, urged the court to grant them bail and noted that the constitution presumes them innocent of the allegations until proven contrary.

Magistrate M. A. Olatunji granted the defendants bail each in the sum of N2 million with two sureties each in the like amount.

The Magistrate ruled that the sureties must reside within the court’s jurisdiction and that they must be at least, level 14 civil officers with verifiable addresses and adjourned further hearing till January 27, 2022.
MEANWHILE, Police authorities have released the detained Editor-in-Chief and Founder of the Foundation for Investigative Journalism (FIJ), Fisayo Soyombo.

The journalist was earlier detained on the orders of the Inspector-General of Police (IGP), Usman Baba Alkali, at the Force headquarters, Abuja over a story, he published.

Soyombo, who arrived at the force headquarters at about 11:00 a.m. on Monday, was not released until 6:26 p.m.
He was invited for an interview for publishing a story that exposed the award of transit police camp projects that do not amount to the tune of the contract sums.