Police to Arraign BDC Boss and Mechanic in Enugu Over Alleged N2.4M Fraud

The Enugu State Police Command is set to arraign Mr. Igbokwe Azubuike Chikwado, Managing Director of Zube Investment Bureau De Change Ltd, and Mr. Eze Francis, a mechanic, before the Chief Magistrate Court One in Enugu on Tuesday, June 24, 2025.

According to a court notice, the duo will face charges of conspiracy and obtaining by false pretence (OBT). The notice warned the defendants to appear with at least one surety or risk being remanded in custody.

The charges stem from a petition by businessman Victor Ndubuaku and his brother, who alleged that the accused defrauded them of ₦2.4 million in a failed car sale transaction. The funds were reportedly transferred to Chikwado’s First Bank account in two tranches ₦1.5 million and ₦900,000 but the vehicle was never delivered.

Chikwado allegedly converted the funds into US dollars via his BDC company and handed the money over to a third party, identified as “O. Jay,” who has since disappeared. Mr. Eze Francis, believed to be the owner of the workshop where the car was supposedly kept, also refused to release the vehicle, claiming issues with the transaction details.

Following the petition, two separate court orders were issued. One directed First Bank Nsukka to place a Post No Debit restriction on Chikwado’s account and blacklist his BVN, while another ordered the reversal of ₦900,000 back to one of the petitioners, Daniel Uchenna Chukwu.

The petitioners are also seeking the intervention of the Economic and Financial Crimes Commission (EFCC) to recover their funds and ensure justice is served. The case remains under active investigation.