Alleged N950 million forex scam: Trial of Young Alhaji promoter adjourned
By John Ogunsemore, Lagos
Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, has adjourned further hearing in the trial of Alhaji Usman Abubakar and Young Alhaji Foundation over an alleged N950 million forex fraud. The adjournment is until October 28, 2024.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Abubakar and Young Alhaji Foundation on a five-count charge bordering on obtaining money by false pretences and stealing N950 million.
One count alleges that in September 2022, Abubakar, Young Alhaji Foundation, and Dr. Abu Omer Fawaz (at large) conspired to obtain N950 million from Ano Farms Limited. They allegedly claimed to have the dollar equivalent of the sum, knowing this to be false.
Another count alleges that on September 20, 2022, Abubakar and Young Alhaji Foundation attempted to dishonestly convert N180 million belonging to Ano Farms Limited for Abdullahi Mohammed’s use.
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Abubakar pleaded not guilty to the charges during his arraignment on February 22, 2023.
During Monday’s proceedings, the first prosecution witness, Niyi Oyewole, Managing Director of Ano Farms Limited, testified under cross-examination by the second defendant’s counsel, G. C. Ugwunweze.
Oyewole reiterated his earlier testimony that Fawaz connected him with the defendant, leading to the transfer of the funds. He added that when the dollar equivalent was not provided, Fawaz informed him that Young Alhaji had been instructed to return the money.
Ugwunweze tendered documents related to a similar case at the Lagos State High Court in Ajah and a letter containing payment instructions to the bank. These were admitted as exhibits P4, P5, and P6, respectively.
Justice Dada adjourned the case until October 28 and 29, 2024, for the continuation of the trial.
