By Emiola Osifeso
The Economic and Financial Crimes Commission (EFCC) on Thursday, October 2, 2025, arraigned one Ene Queen Bamaiyi before Justice A.A. Halilu of the Federal Capital Territory High Court, Apo, Abuja, over allegations of criminal breach of trust involving the diversion of ₦240,500,000 (Two Hundred and Forty Million, Five Hundred Thousand Naira).
Bamaiyi was brought before the court on a one-count charge alleging that she dishonestly converted part of the funds entrusted to her by a business associate, one Bright Okubo, for foreign exchange transactions. According to the EFCC, the defendant allegedly diverted ₦124 million out of the total sum of ₦240.5 million for her personal use in clear violation of the trust placed in her.
Details of the charge
The charge sheet presented in court reads:
“That you, Ene Queen Bamayi (female), sometime in May 2024 in Abuja within the Judicial Division of this Honourable Court, while being entrusted with the sum of N240,500,000.00 (Two Hundred and Forty Million, Five Hundred Thousand Naira) by one Bright Okubo for conversion at dollar equivalent, did dishonestly convert N124,000,000.00 (One Hundred and Twenty-Four Million Naira) out of the said sum to your personal use in violation of the purpose for which the money was entrusted with you, and you thereby committed an offence contrary to Section 311 of the Penal Code and punishable under Section 312 of the same Code.”
The defendant pleaded “not guilty” to the charge.
Following her plea, prosecution counsel, Joshua Saidi, informed the court that the EFCC was ready to proceed with the trial. He told Justice Halilu that the Commission intends to call five witnesses to prove its case against the defendant and requested the court to fix an early trial date.
On the other hand, the defence counsel, M.A. Attah (SAN), applied for bail on behalf of his client. He urged the court to grant bail on self-recognition or in liberal terms, citing her status as a single mother of a two-year-old child. He argued that denying her bail would not only be punitive but also deprive her young child of care.
After hearing both submissions, Justice Halilu granted bail to the defendant in the sum of ₦30 million with two reliable sureties in like sum. The sureties, according to the court, must not be below Grade Level 14 in the civil service.
In addition, the judge ordered the defendant to deposit her international passport with the EFCC to prevent flight risk. Pending the perfection of the bail conditions, Justice Halilu ruled that Bamaiyi be remanded in Suleja Correctional Centre.
The matter has been adjourned to December 2 and 3, 2025, for the commencement of trial.
Forex-related fraud has been on the rise in Nigeria in recent years, as individuals and businesses increasingly rely on intermediaries for currency exchange due to the volatility of the naira and scarcity of foreign exchange. The EFCC has repeatedly warned the public to exercise caution and engage only with authorized dealers, noting that fraudsters often exploit trust-based arrangements to divert funds.
Legal experts say Bamaiyi’s case is another example of how financial trust, particularly in foreign exchange dealings, can be abused, leading to significant losses. If convicted, she risks severe penalties under the Penal Code, including lengthy imprisonment and forfeiture of assets.
The EFCC, in a statement, reaffirmed its commitment to prosecuting financial crimes across all sectors, stressing that no one entrusted with funds, whether for forex, business, or investment, will be allowed to misuse them without facing the law.
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