Court Charges Political Figure Over Alleged $525,000 Overseas Investment Scam

A Federal High Court in Uyo has taken into custody a political stakeholder accused of orchestrating an international investment fraud said to be worth more than half a million dollars.

The anti-graft agency brought the defendant before the court on multiple counts bordering on obtaining money under false pretences. Prosecutors alleged that several foreign nationals were persuaded to release large sums after being promised returns from proposed mineral extraction and seaport development ventures that never materialized.

According to court filings, the alleged scheme ran for months in 2024, during which different transfers were made by the victims as part of the supposed business arrangements. The charges claim the funds were collected through misleading representations about the projects.

The accused denied all allegations when the counts were read in court.

Government lawyers requested that the court fix a date for trial and keep the defendant in custody pending proceedings. Defence counsel, however, asked for bail, arguing that his client would be available for trial. Prosecutors opposed the request.

The presiding judge scheduled a later date to rule on the bail application and begin trial, ordering that the defendant remain in custody until then.