The Police Special Fraud Unit (PSFU), Ikoyi, Lagos, has arraigned a bank Senior Relationship Officer and seven co-defendants before the Federal High Court in Ikoyi, Lagos, over an alleged N710 million proof-of-funds fraud.
​The suspects, identified as Emmanuel Obinyan Osenonome (the banker), his wife Esther Obinyan, Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, and Egharevba Emmanuel Osagioduwa, were docked before Justice Ambrose Lewis-Allagoa on a 12-count charge. The charges border on conspiracy, fraudulent conversion of funds, forgery, and money laundering.
​According to the PSFU, the investigation commenced following a petition submitted to the office of the Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, regarding the alleged illicit disbursement of N710 million placed under Post-No-Debit (PND) restrictions across eight designated bank accounts.
​A detailed forensic analysis conducted by the Corporate and Public Accounts Fraud Section of the PSFU revealed that the principal suspect, Emmanuel Obinyan Osenonome, allegedly conspired with Egharevba Emmanuel to gather personal identification details of third-party individuals. These details were used to open various bank accounts to receive and launder the proceeds.
​The police alleged that the group enticed victims under the pretext that the funds would serve strictly as a “proof-of-funds,” placed under lien, and returned with interest. Instead, the defendants allegedly forged solicitor letters, indemnity agreements, and PND removal documents to unlawfully disburse and transfer the funds.
​Prosecution evidence showed significant fund movements to accounts linked directly to the defendants. Among the disbursements, Nnamdi Emmanuel Nweke and Esther Osenonome allegedly received N279.7 million and N263 million, respectively. Other portions were allegedly routed to Aghatise Kelvin Uhuenkpoewen (N90 million) and Egharevba Emmanuel Osagioduwa (N95 million).
​Investigative findings further indicated that the diverted proceeds were utilised to purchase luxury assets, including a 2020 Lexus RX 350 (valued at N25 million), two Toyota Camry vehicles (valued at N8 million each), and a plot of land in Magodo Phase I, Lagos (purchased for N40 million).
Monies were also used to Invest N40 million in CIBEX trading, establish and furnish a luxury spa and beauty salon with approximately N60 million and Fund personal gambling activities and obligations.
​Reiterating the command’s stance, the Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, emphasized through a statement issued by the Police Public Relations Officer (PPRO), PSFU Ikoyi-Lagos, that the unit remains committed to conducting thorough, evidence-based investigations into complex financial crimes and abuse of banking processes.
​”The Unit will continue to pursue financial crimes through lawful investigative procedures and ensure that all relevant evidence is properly documented and presented before a court of competent jurisdiction,” CP Okpoziakpo stated.
​The court has ordered the defendants remanded in custody pending the determination of their bail applications and trial proceedings.
