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EFCC Arraigns Akinwunmi Fayose for Forex Violations

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EFCC arraigns Akinwunmi Fayose

EFCC arraigns Akinwunmi Fayose and his firm for forex violations in Lagos. He pleaded not guilty and was remanded pending trial on October 29

EFCC arraigns Akinwunmi Fayose and his company, Precision Deep Water W.A. Limited, before a Federal High Court in Lagos for allegedly engaging in unlawful foreign exchange transactions.

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Also read: EFCC Arrests Internet Fraudsters in Edo, 92 Suspects Held

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission brought the one-count charge against Fayose on Friday, 3 October 2025, before Justice Alexander Owoeye sitting in Ikoyi.

According to the charge, the defendant engaged in foreign exchange dealings outside the official market in October 2024, an offence contrary to Section 11(1)(a) and punishable under Section 11(2)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act of 1994.

When the charge was read to him, Fayose pleaded not guilty.

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Prosecuting counsel, Fanen Anum, requested a trial date and prayed the court to remand the defendant at the Correctional Centre.

However, defence counsel Collins Ovat moved an oral application for bail, seeking a short adjournment for trial.

Anum opposed the oral bail application, arguing that no formal request had been filed before the court.

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Also read: EFCC warns on internet fraud, blames visa restrictions

Justice Owoeye ruled in favour of the prosecution, ordering the remand of Fayose at the Correctional Centre and adjourning the case until 29 October 2025 for the commencement of trial.

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EFCC Uncovers Illegal Industrial Complex in Ogun, Arrests Foreigners

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The Economic and Financial Crimes Commission (EFCC) has uncovered a sprawling illegal industrial complex in Ogere, Ogun State, allegedly involved in petroleum refining, lithium processing, illegal mining and other unauthorised industrial activities.

The operation, led by the EFCC Chairman, Ola Olukoyede, reportedly resulted in the arrest of foreign nationals, police officers and other Nigerians suspected of involvement in activities at the facility.

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The discovery was disclosed on Saturday, November 7, following an inspection of the complex by the commission’s chairman and other officials.

According to the findings, the facility, allegedly operated by foreign nationals believed to be Chinese, contained several industrial installations, including a petroleum processing plant, a lithium processing factory, a specialised wood-processing facility and a power generation plant.

Investigators also reportedly discovered warehouses stocked with motorcycles, satellite communication equipment and thousands of power banks.

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The commission said the complex was allegedly being used for large-scale illegal mining of precious stones and the processing of petroleum products without the required authorisations.

It also uncovered suspected production of unwholesome alcoholic beverages at the site.

The latest findings came days after the EFCC announced the discovery of an illegal oil refinery in Ogere, where operatives found underground tanks believed to have been used for heating and processing sludge oil.

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The earlier operation was conducted on October 31 by operatives of the commission’s Lagos Zonal Directorate 2 following intelligence gathering and surveillance of suspected illegal refining activities.

According to the EFCC, preliminary investigations indicated that the operators sourced sludge oil, also known as black sludge, from Warri in Delta State and Port Harcourt in Rivers State before transporting it to Ogere for processing.

The commission said the operators subjected the material to intense heat, allowing lighter petroleum components to pass through chambers and filters in a process believed to produce Automotive Gas Oil (AGO), commonly known as diesel, for sale in the Nigerian market.

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Two underground tanks inspected during the operation contained substances suspected to be AGO.

The refinery was deserted when operatives initially arrived, while security personnel at the premises reportedly told investigators that the alleged Chinese operators had never disclosed their identities or the name of the company behind the operation.

However, the subsequent inspection led by Olukoyede revealed that the location housed a much wider range of industrial activities than the petroleum processing operation initially uncovered.

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The EFCC has described the activities as a serious threat to the country’s economy, particularly because of their alleged implications for legitimate businesses, government revenue and regulatory compliance.

The discovery has also raised concerns about the activities of foreign operators allegedly engaging in unauthorised industrial and extractive operations in Nigeria.

The commission is expected to establish the identities of the operators, determine the ownership structure of the complex and investigate the extent of the alleged economic and environmental violations.

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The arrests of foreign nationals, police officers and other Nigerians also suggest that investigators are examining possible local involvement and support for the operations.

The EFCC has yet to disclose the full identities of those arrested or the exact financial value of the industrial installations and materials recovered.

The investigation is expected to determine those responsible for the alleged activities and establish the extent of losses arising from the operations.

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