EFCC Arraigns Man For N5m Forex Scam

The Kaduna Zonal Command of the Economic and Financial Crimes Commission, EFCC, today, May 3, 2023 arraigned one Philip Yohanna before Justice Daruis Khobo of the Kaduna State High Court, Kaduna, on a three count charge bordering on a criminal breach of trust.

 The defendant allegedly in 2021 received the sum of N5million in trances from one Zigwai Ayuba for investment in foreign exchange trading but diverted the fund to own use.

 Count one of the charges reads: “that you, Philip Yohanna on or about the 21st of May, 2021, in Kaduna within the jurisdiction of this Honourable Court, whilst being entrusted with the sum of Five Hundred Thousand Naira (N500, 000. 00) by Zigwai Ayuba for investment into Forex Trading, dishonestly converted the same to your own use and committed an offence contrary to Section 296 of the Kaduna State Penal Code Law, 2017 and punishable under Section 297 the same Law”.

Count two of the charge reads: “that you, Philip Yohanna on or about the 15th of June, 2021, in Kaduna within the jurisdiction of this Honourable Court, whilst being entrusted with the sum of Two Million, Five Hundred Thousand Naira only (N2,500.000.00) by Zigwai Ayuba for investment into Forex Trading, dishonestly converted same to your own use in violation of the agreement and you thereby committed an offence contrary to Section 296 of the Kaduna State Penal Code Law, 2017 and punishable under Section 297 of the same Law”.

 The defendant pleaded not guilty to the charges.

 In view of his plea, the prosecution counsel, K.S Ogunnade asked for a date for trial to commence, while the defence counsel, B.A Damshaki filed an application for bail of the defendant.

 Justice Khobo granted bail to the defendant in the sum of Three Million Naira (N3, 000,000) and one surety in like sum. The surety must be a civil servant not below Grade Level 12, preferably his father.