The Force Criminal Investigation Department (FCID) has apprehended Chinedu Ngwaka, a self-proclaimed licensed Bureau De Change (BDC) operator, for allegedly defrauding a company of ₦320 million.
The Police Public Relations Officer (PPRO) for the FCID, ASP Aminat Mayegun, confirmed the arrest in a statement shared via her X handle, @mayegunAmina, on Wednesday.
According to Mayegun, the case originated from a petition submitted on Sept. 9 by Chinedu Laz and Partners (Deo Gratia Chambers) on behalf of Mr. Tochukwu Unachukwu, Managing Director of Casco Electronics Company Limited. The petition alleged that Ngwaka and his wife, Janet, orchestrated a fraudulent scheme involving ₦320 million.
“Between March and May 2024, Unachukwu transferred ₦320 million to accounts linked to Ngwaka’s companies, Edunaco Multiple Resources Limited and Bright Janes World, for the purchase of $200,000 intended for procuring goods from China. However, investigations revealed fraudulent documents, including a fake telex confirmation from Zenith Bank, falsely indicating the transaction was completed in two $100,000 tranches,” Mayegun explained.
Further inquiries confirmed that the alleged funds never reached the Chinese suppliers.
During Ngwaka’s arrest, the police recovered a black 2024 Toyota Hilux bearing a fraudulent presidency number plate (02B679FG). Mayegun disclosed that verification with the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) revealed Ngwaka’s lack of ties to Phobia BDC Ltd, a company whose license had been revoked earlier this year.
“The investigation also uncovered a fake identity card purportedly issued by the Federal Ministry of Labour and Employment, fraudulently identifying Ngwaka as a consultant. Another falsified document, allegedly from the Head of Service of the Federation, sought allocation of a presidency number plate,” she added.
Additionally, multiple petitions against Ngwaka have surfaced, including claims by Mr. Moses Enechukwu and Chinedu Nwaforcha, alleging fraudulent dealings totaling ₦1 billion and ₦840 million, respectively.
Mayegun confirmed that upon concluding the investigation, Ngwaka and his co-conspirators would face prosecution.
Assistant Inspector General of Police (AIG) Ayodeji Ogundele urged Nigerians to remain vigilant and report fraudulent activities to the authorities. “The public is warned that anyone involved in such criminal activities will face the full weight of the law,” Ogundele stated.
