EFCC Arraigns BFI Group and Six Individuals for Alleged €100 Million CBN Capital Importation Fraud
The Economic and Financial Crimes Commission (EFCC) has formally arraigned BFI Group Corporation and six individuals before the Federal Capital Territory High Court in Jabi, Abuja. The defendants face serious charges related to an alleged attempt to defraud the Central Bank of Nigeria (CBN) of €100 million using a fraudulent Certificate of Capital Importation.
Those named in the five-count amended charge are Reuben M. Jaja, Uzor Chidi Jerry, David Femi James, Imeobong Jumbo Udom, Adeola Edward, and Emeka Emmanuel Okorie. The charges encompass conspiracy, obtaining by false pretence, and fraud. The EFCC alleges that between August 2020 and March 2021, the defendants conspired to mislead the CBN into issuing a Certificate for €100 million that was never backed by an actual capital deposit into any valid account. This case is part of a broader initiative to protect Nigeria’s financial system and ensure accountability, much like the scrutiny seen in other sectors when the Edo Govt sends clear signals on governance or when agencies address disputes such as the Johesu strike: FG engages with health unions.
Count one of the charge specifically accuses the defendants of intending to induce the CBN to confer a benefit on BFI Group Corporation by false pretence, contrary to sections of the Advance Fee Fraud Act. Following the arraignment, Justice M.S. Idris adjourned the case until February 3, 2026, to rule on bail applications and set a trial schedule. The court ordered the fourth defendant remanded in EFCC custody, while the others were sent to the Kuje Correctional Centre.
This prosecution underscores the EFCC’s ongoing mandate to combat high-level financial crimes, including complex fraud and illicit financial transactions. The commission’s work in detecting and prosecuting such cases aims to recover misappropriated funds and maintain integrity within the financial sector, an effort as critical as maintaining stability in the Nasd market value or the positive impact of a Gcr Agusto upgrade on investor confidence. As legal proceedings continue, the financial community will watch closely, similar to when stakeholders meet new owners of a major asset, awaiting the court’s final determination on these serious allegations.
