Forex trader arraigned for fraud

On Thursday, Bassey Ikpi, a 39-year-old man, appeared before the Lagos State Chief Magistrate Court in Ebute-Metta. He is accused of impersonating a forex trader and defrauding numerous individuals and businesses of substantial amounts in various currencies.

Ikpi faces four charges: conspiracy, obtaining by false pretenses, fraud, and disturbing the peace, as filed by the police. The allegations include defrauding his victims of N1,066,311,503, $355,000, and €13,000.

According to Inspector Cyriacus Osuji, the police prosecutor, Ikpi, along with accomplices who remain at large, committed these offenses. Osuji detailed that the fraudulent activities occurred on October 18, 2023, in Ikeja, Lagos.

Ikpi is accused of deceiving Mrs. Caroline Kamaya out of N25 million and Mrs. Tope Augustine of N36 million. Additionally, he allegedly swindled Mrs. Henrietta Achiekwelu of N200 million, $75,000, and €13,000.

The prosecutor also claimed that Ikpi defrauded NKG Energy Services of N82,211,503, Sacvin Nigeria of N683,100,000, and both Neco Trading Services Limited and Mr. Arinze Anyaeche of $280,000. Furthermore, he is accused of taking N21 million from Mrs. Stella Mohammed and N19 million from Mr. Tokunbo Adebiyi, all under the guise of forex trading.

Osuji noted that Ikpi’s actions led to significant disturbances, potentially undermining community peace and order.

These charges are alleged to violate Sections 411, 314, 380(1), and 168(1)(d)(f) of the Criminal Laws of Lagos State 2015.

Ikpi pleaded not guilty to the charges. Magistrate Mrs. Abimbola Davies granted him bail set at N2 million, requiring two sureties with equivalent financial guarantees. The sureties must be employed, provide proof of tax payments to the Lagos State Government, and have their residential addresses verified.

The court has adjourned the case until September 10, 2024, for further proceedings.