By Prosper Meneย
โThe Economic and Financial Crimes Commission (EFCC) has arraigned โEne Queen Bamaiyi before a Federal High Court in Abuja on charges related to a massive โฆ240.5 million fraud, authorities confirmed today.
โThe case underscores the commission’s ongoing crackdown on financial scams that have plagued investors and businesses across Nigeria.
โThe defendant, whose name has not been publicly disclosed pending further court proceedings, appeared before Justice at the Maitama Division of the Federal High Court.
โShe faces multiple counts of obtaining money under false pretenses, money laundering, and conspiracy, according to EFCC spokesperson Dele Oyewale.
โThe charges come from an elaborate scheme allegedly orchestrated between late 2023 and mid-2025, where the woman is accused of luring victims with promises of high-yield investments in foreign exchange trading and real estate development.
โAccording to the EFCC’s investigation, the suspect posed as a legitimate investment broker, convincing at least five victims โ including small business owners and retirees โ to part with their savings totaling โฆ240,545,000. Funds were reportedly transferred to multiple bank accounts controlled by the defendant and her accomplices, under the guise of “guaranteed returns” of up to 30% within 90 days.
โHowever, investigators claim the money was siphoned off for personal use, including luxury purchases and transfers to offshore accounts.”
โThe scam exploited the economic hardships faced by ordinary Nigerians seeking quick financial relief,” Oyewale stated in a press release. “This is a stark reminder that fraudsters thrive on desperation, but the EFCC remains committed to dismantling these networks.”The arraignment follows months of undercover operations by the EFCC’s Abuja Zonal Command, which traced the illicit transactions through digital forensics and victim testimonies.
Sources within the commission revealed that the probe began after one victim, a 58-year-old trader from Kaduna, reported losing โฆ45 million in early 2024. This led to the recovery of โฆ32 million in frozen assets so far, with efforts underway to restitute affected parties.
The defendant pleaded not guilty to all seven counts read against her during the brief court session. Her counsel, applied for bail, citing her lack of prior criminal record and cooperation with investigators.
However, prosecution lead, EFCC counsel Fatima Mustapha, opposed the application, arguing the flight risk and potential for witness tampering.
โJustice adjourned the matter to October 15 for ruling on the bail application and fixed November 10 as the commencement date for full trial.
โEFCC Chairman Ola Olukoyede has vowed to intensify efforts against “advance fee fraud” commonly known as “419” scams which cost Nigerians billions annually .
