Lagos Court Sentences Man to One Year for Forex Fraud

On February 16, 2023, Justice Olubunmi Abik Fadip of the Special Offences Court in Ikeja, Lagos, sentenced Henri Daniel to one year in prison for committing N37 million foreign exchange fraud. Daniel was arraigned by the Economic and Financial Crimes Commission (EFCC) on two counts of obtaining money under false pretenses and stealing.

The offenses occurred between January and October 2020, where Daniel, operating under the trade name Equigro Financial Services, misrepresented himself to Mr. Ez Onyekachukwu, claiming to invest in forex trading.

The court found him guilty after a full trial, where the prosecution presented three witnesses and several documents as evidence. In addition to the prison sentence, Daniel was given an option to pay a fine of N2 million and was ordered to undertake 50 hours of community service.

He is also required to restitute N15.6 million to the victim.