The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has brought charges against a Lagos-based businessman, Abiodun Maccarthy, for his alleged role in a staggering N423 million fraud and forgery case. The arraignment took place before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos.
Maccarthy faces a four-count charge that includes allegations of stealing and forgery amounting to N423,000,000. According to the EFCC, these offenses are in direct violation of Sections 278 and 361 (1) of the Criminal Law of Lagos State, 2011.
The first count of the charge details a grave breach of trust. It accuses Abiodun Maccarthy of dishonestly converting the sum of N423 million to his personal use in 2018. This money was part of a larger sum of N650 million that had been paid to him by Great Endurance Bureau De Change. The funds were intended for a fixed deposit investment with Polaris Bank, a transaction that occurred while Maccarthy was an employee of the bureau.
The second count alleges that Maccarthy, with a clear intent to defraud, forged a Polaris Bank Plc fixed deposit investment certificate. The certificate, with slip number 332540, was then issued to Great Endurance Bureau De Change as fraudulent proof of the investment.
During the court proceedings, Abiodun Maccarthy pleaded not guilty to all the charges against him. In response to the plea, the prosecution counsel, B.M. Isah, requested a trial date and asked the court to remand the defendant in a Correctional Centre to ensure his presence at future hearings.
Justice Mojisola Dada subsequently adjourned the case to October 22, 2025, for the continuation of the trial. The judge also granted the prosecution’s request, ordering that the defendant be remanded in a correctional facility until the next court date. This development underscores the anti-graft agency’s ongoing efforts to combat financial crimes and hold individuals accountable for alleged fraudulent activities.