EFCC Arraigns Lagos Businessman for Alleged ₦423 Million Fraud and Forgery

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has arraigned a Lagos-based businessman, Abiodun Maccarthy, over an alleged ₦423 million fraud and forgery case.

Maccarthy appeared before Justice Mojisola Dada at the Special Offences Court in Ikeja on Thursday, facing a four-count charge bordering on stealing and forgery.

According to the EFCC, the alleged offences were committed in 2018 while Maccarthy was employed by Great Endurance Bureau De Change.

One of the charges stated that Maccarthy dishonestly converted ₦423 million part of a ₦650 million sum entrusted to him for fixed deposit investment with Polaris Bank to his personal use. Another count accused him of forging a fixed deposit investment certificate bearing slip number 332540, which he reportedly issued to Great Endurance Bureau De Change as evidence of the investment.

The EFCC stated that the offences violate Sections 278 and 361(1) of the Criminal Law of Lagos State, 2011.

Maccarthy pleaded not guilty to all charges. Following his plea, the prosecuting counsel, B.M. Isah, requested that the defendant be remanded in a correctional facility and that the case be set for trial.

Justice Dada granted the prosecution’s request, ordering Maccarthy to be remanded in custody. The case has been adjourned to October 22, 2025, for trial.