TransparencIT
TransparencIT
@TransparencITng

Fraud

May 13, 2026

FRN vs Akinwunmi Fayose & 1 other

Humans

Akinwunmi Fayose
& 1 other

Money bag

Fraud

Money bag

Case Summary
The accused alongside his company, allegedly engaged in foreign transactions other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1) (a) and punishable under Section 11 (2) (a) of the National Economic Intelligence Committee (Establishment. etc.) Act. 1994.

Calendar

222
Day(s) since arraignment

Gavel

Case Update
In view of the defendant's plea, the trial judge thereafter adjourned the case for commencement of trial and also ordered the remand of the defendant at a Correctional Centre.

Court house

Hon. Justice A. O. Owoeye
Federal High Court, Ikoyi, Lagos

Legislation

ACJA/ACJL Compliance - not applicable

Case Information
Akinwunmi Fayose & 1 other
Presiding Judge & Designated Court
Hon. Justice A. O. Owoeye, Federal High Court, Ikoyi, Lagos
Nature and Number of Charges
1-count charge bordering on engaging in foreign exchange transactions other than through the official foreign exchange market.
Date of 1st Arraignment
Oct 3, 2025
Summary of Case
The accused alongside his company, allegedly engaged in foreign transactions other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1) (a) and punishable under Section 11 (2) (a) of the National Economic Intelligence Committee (Establishment. etc.) Act. 1994.
Defendant(s) and Plea entered on Arraignment
1. Akinwunmi Fayose – Not guilty
2. Precision Deep Water W. A. Limited (Company) – Not guilty
Defence Counsel(s)
1. Collins Ovat (Lawyer)
Prosecuting Agency
Economic and Financial Crimes Commission
Prosecutor(s)
1. Fanen Anum (Lawyer)
Status of Case
On Trial
Stage of Trial
Prosecution Stage
Length of Trial
222 day(s)
Case Update
In view of the defendant's plea, the trial judge thereafter adjourned the case for commencement of trial and also ordered the remand of the defendant at a Correctional Centre.
ACJA/ACJL Compliance
Not Applicable