The police in Lagos have arraigned a forex trader, Ifeoma Uzoezie, for alleged foreign exchange fraud and theft of $15,850 from her client, Messrs Western Base Nigeria Limited. Uzoezie, 42, was brought before Patrick Nwaka of a Yaba Magistrates’ Court on three-count of fraud and stealing.
The prosecutor, Thomas Nurudeen, said the defendant committed the offence on September 21, 2021, at Okokomaiko, Lagos.
He alleged that Uzoezie was given $15,850 for conversion to Chinese Yen and to remit the same to a foreign client, Card Holder Ming Lingfei.
It was alleged that she converted the money to personnel use but later paid with fund obtained through fraud.
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It was also alleged that the police in China contacted the firm in Nigeria, alleging that the money paid to the Chinese firm was an illicit fund.
It was stated that the police then blocked the account of Ming Lingfei, leading to severe losses by the Chinese firm and Messrs Western Base Nigeria Limited.
The prosecution further alleged that the defendant fled after the complainant demanded an explanation. It was also claimed that she truncated police efforts to arrest her alleged accomplice, Qazeem Mikail.
Uzoezie pleaded not guilty.
Following defence counsel, Patrick Onochie’s application, Magistrate Nwaka admitted Uzoezie to bail in the sum of N7m with two sureties, among other terms. The case resumes on August 16.