The Police Special Fraud Unit (PSFU), Lagos, has arraigned a banker and seven other defendants before the Federal High Court in Lagos over an alleged ₦710 million proof-of-funds fraud.

The defendants face a 12-count charge following an investigation into the alleged fraudulent disbursement of funds placed under Post-No-Debit restrictions across eight designated accounts.

The PSFU disclosed the development in a statement signed by its spokesperson, DSP Ovie Kenneth Ewhubare, on Wednesday, October 14, 2026.

Eight Defendants Face 12-Count Charge

The defendants were identified as Elvis Osazee Eghile, Egharevba MaryJane Osarieyekemwen, Precious Omonigho Irbhogbe, Aghatise Kelvin Uhuenkpoewen, Nweke Nnamdi Emmanuel, Obinyan Esther, Egharevba Emmanuel Osagioduwa and Emmanuel Obinyan Osenonome.

According to the police, the investigation began after a petition was submitted to the Commissioner of Police concerning the alleged fraudulent disbursement of ₦710 million held under Post-No-Debit restrictions.

Investigators alleged that Osenonome, a banker and Senior Relationship Officer, conspired with Egharevba Emmanuel to obtain the cooperation and personal identification details of other individuals.

The details were allegedly used to facilitate the opening of accounts suspected to have been used to launder proceeds of the alleged fraud.

Investigation Uncovers Suspected Banking Documents

The police said a forensic analysis conducted by the PSFU’s Corporate and Public Accounts Fraud Section traced significant movements of the suspected proceeds to accounts linked to individuals allegedly connected with the principal suspect.

Those identified included Nweke Nnamdi Emmanuel, Obinyan Ebehiemen Doris, who was described as Osenonome’s sibling, Egharevba Emmanuel Osagioduwa and Esther Olohitare Obinyan, identified as Osenonome’s wife.

Further investigations reportedly uncovered forged or disputed proof-of-funds documents, indemnity papers and Post-No-Debit documents allegedly used to facilitate the transactions.

The police have not established the allegations against the defendants in court.

Vehicles, Magodo Property Traced

The PSFU said investigators identified assets suspected to have been acquired with proceeds of the alleged crime.

The assets reportedly include a 2020 Lexus RX 350 valued at ₦25 million, two Toyota Camry vehicles valued at ₦8 million each, and a plot of land in Magodo Phase I, Lagos, reportedly purchased for ₦40 million.

According to the police, further analysis indicated that some of the suspected proceeds were allegedly used to settle personal financial obligations and fund gambling activities.

The investigation also reportedly traced ₦40 million to investments in CIBEX trading and about ₦60 million to the establishment and furnishing of a spa and beauty business.

Police Pledge Continued Investigation

The Commissioner of Police for the PSFU, CP Eloho Edwin Okpoziakpo, reaffirmed the unit’s commitment to investigating complex financial transactions and suspected abuses of banking procedures.

He said the unit would continue to pursue financial crimes through lawful investigative processes and ensure that relevant evidence was properly documented and presented before the appropriate court.

The case forms part of the unit’s efforts to investigate suspected financial crimes and trace assets allegedly acquired through fraudulent transactions.