PSFU Arraigns Man Over Alleged $150,000 Forex Fraud, Money Laundering

A 38-year-old man, Mobayonle Olaoluwa Akinboyowa, has been arraigned before a Federal High Court, Lagos, over allegations of conspiracy, obtaining by false pretence, money laundering, and $150,000 fraud.

Mobayonle was arraigned on Wednesday, by the operatives of the Police Special Fraud Unit (PSFU), Ikoyi, Lagos, in a six count amended charge marked FHC/L/97c/2026.

The prosecutor, Barrister Achi Caleb, said the defendant conspired with one Femi Victor Oguns, who is currently at large, to unlawfully obtain and transfer funds belonging to one Hassan Murtala and other victims under the guise of a foreign exchange transaction.

Barrister Caleb also alleged that the defendant and his alleged accomplice, on or about August 15, 2025, took possession and control of proceeds of crime amounting to approximately $150,000 USD.

He further informed that the defendant knowingly acquired or controlled the funds despite allegedly knowing, or reasonably being expected to know, that the money constituted proceeds of unlawful activities.

Police prosecutors also informed the court that the defendant conspired with others now at large, to convert or transfer the funds to themselves or other persons, an act said to be in violation of provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

In addition to the money laundering allegations, the defendant faces charges under the Advance Fee Fraud and Other Related Offences Act, 2006. 

Prosecutors alleged that he and the fugitive suspect fraudulently obtained the $150,000 from Hassan Murtala and others by falsely representing that the funds would be used for foreign exchange transactions.

The defendant’s acts according to the prosecutor are contrary to Sections 18(2), 18(3), and 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as Sections 1(3) and 8(1) of the Advance Fee Fraud and Other Related Offences Act, 2006.

Meanwhile, the defendant had denied the allegations and pleaded not guilty to all the counts charge.

Following his not guilty plea, the prosecutor asked for a trial date, as well prayed the court to remand the defendant in the Correctional Services’ facility pending the determination of the charges.

But lawyer to the defendant, Mr. Destiny Obun Takon, informed the court that he had filed his client’s motion for bail, and same has been served on the prosecutor. The position which was confirmed by the prosecutor.

Following this, and without opposition from that prosecutor, the court urged the counsel to move the motion.

Ruling on the motion, Justice Kala admitted bail to the defendant in the sum of N10m with a surety in like sum. 

The judge ruled that the surety could a civil servant of Grade Level 14 and above, or a property owner within the court jurisdiction whose property worth N10 million.

The judge also ordered that the surety to provide the phone number which he or she received alert with. And in case of a civil servant, the judge ordered the surety to obtain Letter of recognition from the Head of Department (HOD).

The judge while ordered that the defendant be remanded in the NCos’ facility pending the perfection of the bail terms, adjourned the matter to June 30, 2026, for trial 

Parts of the amended charge reads: “that you, Mr Mobayonle Olaoluwa Akinboyowa, on or about the 15th day of August, 2025 trial-able within the Lagos Federal High Court Judicial Division, conspired with One Mr Femi Victor Oguns ‘m’, at large, to commit a felony to wit; takes possession or control of proceeds of crime, to the sum of about One Hundred and Fifty Thousand USD ($150,000.00C) Only, property of One Mr Hassan Murtala ‘m, and others; and thereby committed an offence contrary to Section 21(a) and punishable under Section 18(2) of the Money Laundering [Prevention & Prohibition] Act, 2022. 

“That you, Mr Mobayonle Olaoluwa Akinboyowa and One Mr Femi Victor Oguns ‘m’, at large, on or about the 15th day of August, 2025 at Lagos State, trial-able within the aforesaid Judicial Division, did directly or indirectly Converts/or transfers to yourselves or to other person(s), property [USD], to the total sum of about One Hundred and Fifty Thousand USD ($150, 000. 00C) Only, property of One Mr Hassan Murtala ‘m, ani others; and thereby committed an offence punishable under Section 18(3) of the Money Laundering [Prevention & Prohibition] Act, 2022. 

“That you, Mr Mobayonle Olaoluwa Akinboyowa and One Mr Femi Victor Oguns ‘m’, at large, on or about the 15th day of August, 2025 at Lagos State, trial-able within the aforesaid Judicial Division, did with intent to defraud, obtained property| USD] to the total sum of about One Hundred and Fifty Thousand USD ($150, 000. 00c) Only, from One Mr Hassan Murtala ‘m, and others; under the false pretence of foreign exchange, knowing same to be false, and thereby committed an offence contrary to Section I(a) and punishable under Section 1(3) of the Advance Fee Fraud And Other Related Offences Act 2006.”