EFCC Arraigns Woman in Abuja Over ₦240.5 Million Forex Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned Ene Queen Bamaiyi before Justice A.A. Halilu of the Federal Capital Territory High Court, Apo, Abuja, over allegations of diverting ₦124 million out of ₦240.5 million entrusted to her for foreign exchange conversion.

In a statement posted on its official X handle on Thursday, the EFCC confirmed that Bamaiyi was arraigned on October 2, 2025, on a one-count charge bordering on criminal breach of trust.

According to the Commission, Bamaiyi allegedly received ₦240.5 million from one Bright Okubo for dollar exchange but “dishonestly converted ₦124,000,000 to her personal use, contrary to the purpose for which the money was entrusted to her.”

Part of the charge reads: “That you, Ene Queen Bamayi (female), sometime in May 2024, in Abuja, while being entrusted with the sum of ₦240,500,000 by one Bright Okubo for conversion at dollar equivalent, did dishonestly convert ₦124,000,000 out of the said sum to your personal use, and thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Code.”

Prosecuting counsel, Joshua Saidi, informed the court of the prosecution’s intention to call five witnesses and requested a trial date. Meanwhile, defence counsel, M.A. Attah, SAN, applied for bail on liberal terms, noting that the defendant is a single mother with a two-year-old child.

Justice Halilu granted Bamaiyi bail in the sum of ₦30 million with two sureties in like sum, each not below Grade Level 14 in the civil service. The court also directed that her international passport be deposited with the EFCC and ordered her remand at the Suleja Correctional Centre pending the fulfilment of the bail conditions.

The case was adjourned to December 2 and 3, 2025, for trial.