In a dramatic turn of events, the Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned a legal practitioner, Barrister Alexander Uchenna Ozougwu, before the Federal High Court in Uyo, Akwa Ibom State, over allegations of defrauding multiple victims of a staggering N1.323 billion through a fraudulent foreign exchange investment scheme.
The EFCC’s Head of Media and Publicity, Dele Oyewale, confirmed the development in a statement, revealing that Ozougwu’s actions contravene Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to Oyewale, “The Economic and Financial Crimes Commission, EFCC, Uyo Zonal Directorate, on Wednesday, February 12, 2025, arraigned legal practitioner Barrister Alexander Uchenna Ozougwu before Justice Sergius Onah of the Federal High Court sitting in Uyo, Akwa Ibom State, for allegedly defrauding his victims to the tune of N1,323,850,000.00 (One Billion, Three Hundred and Twenty-Three Million, Eight Hundred and Fifty Thousand Naira) through a bogus foreign exchange investment scheme.”
Ozougwu is facing a six-count charge bordering on obtaining money under false pretenses, a crime punishable under the Money Laundering Act.
One of the charges against him reads:
“That you, Alexander Uchenna Ozougwu, sometime in September 2024, in Nigeria, within the jurisdiction of this Honourable Court, did take possession of the total sum of N268,850,000 (Two Hundred and Sixty-Eight Million, Eight Hundred and Fifty Thousand Naira) through a bank account with the account name—STARLIGHT ATTORNEYS—which you knew formed proceeds of an unlawful act, to wit: obtaining money by false pretence, and thereby committed an offence contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022, punishable under Section 18(3) of the same Act.”
Another charge reads:
“That you, Alexander Uchenna Ozougwu, sometime in July 2024, in Nigeria, within the jurisdiction of this Honourable Court, did take possession of the total sum of N213,000,000 (Two Hundred and Thirteen Million Naira) through a bank account with the account name—STARLIGHT ATTORNEYS—which you knew formed proceeds of an unlawful act, to wit: obtaining money by false pretence, and thereby committed an offence contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022, punishable under Section 18(3) of the same Act.”
Despite the weight of the allegations, Ozougwu pleaded not guilty when the charges were read to him in court.
Following his plea, the EFCC’s prosecution counsel, Joshua O. Abolarin, urged the court to remand the defendant in a correctional facility and set a date for trial. However, Ozougwu’s defense counsel, C. M. Onuchukwu, swiftly countered with a bail application, arguing for his client’s release on self-recognizance while assuring the court of his cooperation throughout the trial.
After hearing arguments from both parties, Justice Sergius Onah granted Ozougwu bail but imposed strict conditions. The defendant was granted bail in the sum of N500,000,000 (Five Hundred Million Naira), with two sureties of equal sum. The sureties must be:
Civil servants of grade level 12 and above
Owners of landed properties within the jurisdiction of the court
Additionally, the court ordered the defendant to surrender his international passport and provide two recent passport photographs as part of the bail conditions.
With the case now in full swing, all eyes are on the upcoming trial proceedings. The EFCC has vowed to prosecute the matter to its logical conclusion, ensuring that justice is served. Meanwhile, victims of the alleged fraud continue to seek restitution, hoping that the legal system will hold Ozougwu accountable for his actions.
Stay tuned as this high-profile case unfolds.
PIONEER NEWS 