By our Reporter
The Police Special Fraud Unit (PSFU), Lagos, has arraigned eight suspects before the Federal High Court, Lagos Judicial Division, over an alleged ₦710 million proof-of-funds fraud involving suspected abuse of banking procedures and the use of forged documents.
The suspects, Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome, were arraigned on a 12-count charge, according to the PSFU.
In a statement issued on Wednesday, October 14, 2026, the unit said the investigation began following a petition to the Commissioner of Police over the alleged fraudulent disbursement of ₦710 million placed on Post-No-Debit (PND) into eight designated accounts.
Investigations allegedly revealed that Osenonome, a banker and Senior Relationship Officer, conspired with Egharevba Emmanuel to obtain the cooperation and personal identification details of other individuals, which were allegedly used to facilitate the opening of accounts for laundering the suspected proceeds of crime.
The PSFU said forensic analysis by its Corporate and Public Accounts Fraud Section traced significant movements of the funds to accounts linked to individuals associated with the principal suspect, including Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, a sibling of Osenonome, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, identified as Osenonome’s wife.
The investigation also allegedly uncovered the use of forged and disputed proof-of-funds documents, indemnities and Post-No-Debit documents to facilitate the scheme.
As part of its asset-tracing and recovery efforts, the unit identified a 2020 Lexus RX 350 valued at ₦25 million, two Toyota Camry vehicles valued at ₦8 million each, and a plot of land at Magodo Phase I, Lagos, reportedly purchased for ₦40 million, as assets linked to the alleged crime.
Further forensic analysis indicated that part of the suspected proceeds was allegedly spent on personal financial obligations, gambling activities, CIBEX trading involving ₦40 million, and the establishment and operation of a spa and beauty business furnished at a reported cost of about ₦60 million.
The Commissioner of Police, PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to conducting thorough, professional and evidence-based investigations, particularly in cases involving complex financial transactions and suspected abuse of banking processes.
Okpoziakpo said the unit would continue to pursue financial crimes through lawful investigative procedures, ensuring that evidence was properly obtained, documented and presented before courts of competent jurisdiction.
