RismadarVoice Reporters
February 19, 2026
The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned two suspected fraudsters, Kelvin Usiholo and Osaigbovo Aikoriogie, before Justice B. O. Quadri of the Federal High Court sitting in Benin City over an alleged N143 million fraud.
The defendants were arraigned on a three-count charge bordering on money laundering and obtaining by false pretence. Three other suspects – Eghosa Aikoroghie, Junior Igbinovia, and Bobby Osaretin are currently at large.
According to the EFCC, Usiholo, who acted as a lawful attorney for Eghosa Aikorogie, had petitioned the Commission through a firm of legal practitioners, alleging that Osaigbovo Aikorogie defrauded Eghosa in a business transaction involving large sums of money.
However, investigations by the Commission allegedly revealed that the funds in question were proceeds of fraudulent activities and that both the complainant and the suspect were members of a syndicate specializing in defrauding unsuspecting victims, including foreigners.
One of the charges states that the defendants and others at large, sometime in 2024, conspired to commit money laundering, an offence contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.
Another count alleges that between April and May 2024, the defendants indirectly took possession or control of N143,000,000 transferred into a First Bank Plc account allegedly operated by them, knowing or reasonably expected to know that the funds were proceeds of unlawful acts. The offence is said to be contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended), and punishable under Section 18(3) of the Act.
The defendants pleaded not guilty to the charges when they were read in court.
Prosecution counsel, Immaculate Elodi, urged the court to fix a date for trial.
Justice Quadri adjourned the matter to February 27, 2026, for hearing of the bail application.
