A 41-year-old woman, Anacheobi Obianuju, was arraigned before a Lagos Magistrate Court sitting in Ogba over allegations of obtaining $55,000, equivalent to N74,000,000, from two persons under the pretense of trading in foreign exchange.
According to the charge sheet, the incident was said to have occurred sometime in February 2026 at about 10:30am at Ijanikin, Lagos, within the Lagos Magisterial District.
The Commissioner of Police, in Count 1, alleged that Anacheobi Obianuju, with intent to defraud, obtained the sum of $55,000.00, equivalent to N74,000,000.00, with the pretense of trading in foreign exchange “Forex”, knowing the representation to be false. The offence was said to be punishable under Section 314 (1) (a) (b) of the Criminal Law of Lagos State Nigeria, 2015.
In Count 2, the prosecution further alleged that on the same date, time and place, Anacheobi Obianuju and others now at large dishonestly stole the sum of $55,000.00 US Dollars, equivalent to N74,000,000.00, properties of one Mr. Eze Udensi and Mr. Bashiru Mohammed. The offence was said to be punishable under Section 230 (1) (a) (b) and (c) of the Criminal Law of Lagos State Nigeria, 2015.
The defendant pleaded not guilty to the two-count charge.
The prosecutor, SP Phillip Ademigbuji, told the court that investigations were ongoing and asked for a date to enable the Police to present their evidence.
The presiding Magistrate, Mrs. O. Kasunu, granted the defendant bail with two sureties. The sureties are required to show evidence of means of livelihood and tax payment to the Lagos State Government.
The matter was adjourned for mention while the defendant was remanded in custody at the Correctional Center at Kirikiri town, Lagos, pending when she will perfect her bail conditions.
The Investigating Police Officer listed in the charge was ASP Obeten Obeten of Command Special Squad II. The case file was forwarded to the Directorate of Public Prosecutions Office, Ogba, Lagos State Ministry of Justice for legal advice.
Forex-related fraud cases have been on the rise in Lagos as more residents seek to buy and sell dollars outside official banking channels. Financial experts and law enforcement agencies have repeatedly warned the public to conduct foreign exchange transactions only through licensed Bureau De Change operators and banks regulated by the Central Bank of Nigeria.
Consumer protection officials advise that individuals should demand proper documentation, receipts, and verifiable business addresses before making large payments. They also caution against investment opportunities or business deals that promise unusually high returns within a short period.
Legal experts say that obtaining property by false pretense and stealing are serious offences under Lagos State law. Section 314 deals with obtaining money by false representation, while Section 230 covers stealing. The court will determine the case based on evidence presented by both the prosecution and the defense during trial.
The defendant is presumed innocent until proven guilty by a court of law. All allegations contained in the charge are accusations and have not been proven.