The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer of Brookfield Group, popularly known as “White Lion”, over an alleged foreign exchange transaction involving about ₦990 million.
According to the report, the defendant was brought before the court on charges arising from allegations that funds received for a foreign exchange transaction were fraudulently handled.
The prosecution’s case centres on claims that the defendant obtained the money under circumstances connected with the purchase or conversion of foreign currency but allegedly failed to fulfil the transaction as represented.
The defendant pleaded not guilty to the allegations, leaving the prosecution with the responsibility of proving its case at trial. The allegations therefore remain unproven at this stage.
Following the arraignment, the court considered the defendant’s application for bail and granted it on conditions imposed by the court.
The matter has now been adjourned until September 15, 2026, when trial is expected to commence.
The case comes amid increased enforcement against alleged foreign exchange offences and fraudulent forex transactions in Nigeria. Recent cases have seen the EFCC and other law-enforcement agencies prosecute individuals accused of conducting unauthorised forex transactions or obtaining money from members of the public under the guise of providing foreign currency.
The court will ultimately determine the defendant’s liability after hearing evidence from the prosecution
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