RismadarVoice Reporters
February 16, 2026
Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, on Monday, February 16, 2026, convicted and sentenced Henry Daniel to one year imprisonment for a N37 million foreign exchange fraud.
Daniel was arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on a two-count charge bordering on obtaining money by false pretence and stealing.
According to the charge, the defendant, trading under the name and style of Equigro Financial Services, between January and October 2020, fraudulently obtained the sum of N37,000,000 from Mr. Eze Onyekachukwu. He allegedly represented that the money was meant for investment in a forex trading business.
The prosecution stated that the offence contravened Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.
The second count alleged that Daniel fraudulently converted the N37 million, property of Mr. Onyekachukwu, to his personal use, contrary to Sections 278(1)(a) and (b) and 285(1) of the Criminal Law of Lagos State, 2011.
The defendant pleaded not guilty to the charges, prompting a full trial.
During the proceedings, prosecution counsel, Babatunde Sonoiki, presented three witnesses and tendered several documentary exhibits, which were admitted in evidence by the court.
In her judgment, Justice Abike-Fadipe found the defendant guilty on the charges and sentenced him to one year imprisonment, with an option of a N2 million fine.
The court also ordered him to undertake 50 hours of community service and to pay restitution in the sum of N15.6 million to the petitioner.
