Businessman faces EFCC arraignment over alleged N105 million fraud

The Economic and Financial Crimes Commission (EFCC) has brought charges against businessman Muhammad Lamido before the Lagos Special Offences Court in Ikeja for an alleged N105 million fraud.

Lamido and his company, Aliqea Group UAE, are facing four counts, including conspiracy, obtaining by pretence, and money laundering. The prosecution’s counsel, R. A. Abdulrasheed, informed the court that the crimes were committed on July 19, 2023.

According to Abdulrasheed, Lamido is accused of conspiring to defraud First Right Enterprises of N105 million by falsely claiming to possess the dollar equivalent of the amount for business exchange.

The EFCC has also accused the defendant and his company of money laundering, attempting to conceal N130,200,000 and N173 million, respectively.

Lamido pleaded not guilty to the charges, and his counsel, Emmanuel Ogbeche, requested that the court refrain from keeping Lamido in EFCC custody. In response, Abdulrasheed urged the court to deny the bail application, expressing concerns about the defendant’s potential non-appearance in court.