Operatives of the Force Criminal Investigation Department (FCID), Alagbon Close, Ikoyi, Lagos, have arrested a 48-year-old man, Isiaka Ibrahim, for allegedly posing as a Bureau de Change operator and swindling a businesswoman, Mrs. Kofoworola Osho, of N101.5 million.
According to police reports, Ibrahim allegedly received the money from Mrs. Osho between February and August 2024, promising to deliver the equivalent value in Benin Republic’s CFA currency. Investigators claim he failed to supply the currency, converted the funds for personal use, and absconded.
When the complainant was unable to reach him and the transaction failed to materialise, she petitioned the Inspector General of Police.
The matter was subsequently assigned to the Assistant Inspector General for investigation, leading to Ibrahim’s arrest.
He was arraigned before the Tinubu Magistrate’s Court, Lagos Island, on a three-count charge of conspiracy, obtaining money by false pretence, and stealing, offences contrary to Sections 325, 314(3), and 287 of the Criminal Law of Lagos State, 2025.
Prosecutor L.S. Oju alleged that Ibrahim knowingly collected the funds under the guise of supplying foreign currency despite having no means to fulfil the transaction.
The defendant pleaded not guilty, and Chief Magistrate M. Owunmi granted him N20 million bail with two sureties in like sum, each required to own property within the court’s jurisdiction and deposit N2 million with the court registrar.
The case was adjourned to 16 September 2025, with Ibrahim remanded at the Ikoyi Correctional Centre pending the fulfilment of bail conditions.
