Bizman Faces Trial Over Alleged N50m Fraud 

Operatives of the Force Criminal Investigation Department ForceCID Annex Alagbon-Ikoyi Lagos, have arraigned a Nigeria businessman, Paul Ezefulukwe before a Federal High Court, Lagos, on alleged obtaining by false pretence, N50 million fraud and issuance of dud cheques.

The businessman, Paul Ezefulukwe was arraigned on the alleged offences alongside his company, Sabi Technology Limited, in a charge marked FHC/L/1067c/2025, before the court presided over by Justice Yellim Bogoro.

The defendant and his company were alleged to have committed the offences sometimes in February 2023.

Precisely, the prosecutor, Barrister Samuel A. Ogala, told the court that the defendant fraudulently obtained the said sum from one Lucky Uwakwe.kk

He was alleged to have collected the money from the victim, with the pretence of investment purposes.

But due to his failure to use the money for the intended purposes, he was alleged to have issued three United Bank for Africa’s cheques, which were dishonoured and rejected upon presentation at the bank for lack of funds in his account.

The businessman’s alleged illegal acts according to the prosecutor, are contrary to and punishable under Sections 8 and 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. And section 1(1)(a) & (b) of the Dishonored Cheque (Offences) Act, Cap. D11 Laws of the Federation of Nigeria, 2004.

The defendant had denied the allegations and pleaded not guilty to the charges. Based on his guilty plea, he was admitted to bail with some terms and conditions.

However, his trial on the allegations has been adjourned to February 19, 2026.

Charges against the businessman read: “That you Paul Ezefulukwe ‘M’ and Sabi Technology Ltd. sometimes in the month of February, 2023 at Lagos State within the jurisdiction of this Honourable Court did conspire amongst yourselves to commit felony to wit: obtaining money by false pretense and thereby committed an offence contrary to and punishable under section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

“That you paul ezefulukwe ‘M’ and Sabi Technology Ltd. sometimes in the month of February, 2023 at Lagos State within the jurisdiction of this Honourable Court did with intent to defraud fraudulently obtained the sum of N50 Million from Mr. Lucky Uwakwe under the pretense of using the said sum for an investment, the representation you knew to be false and thereby committed an offence contrary to and punishable under section 1(1)(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

“That you Paul Ezefulukwe ‘M’ and Sabi Technology Ltd., sometimes in the month of February, 2023 at Lagos State within the jurisdiction of this Honourable Court did obtain credit for yourselves by means of United Bank for Africa Plc. with Cheque Numbers.: 0000011, 033150396, 1025392646 and 021502829 drawn in favour of one Mr. Lucky Uwakwe, and when presented was dishonored on account of insufficient fund and thereby committed an offence contrary to and punishable under section 1(1)(a) & (b) of the Dishonored Cheque (Offences) Act, Cap. D11, LFN 2004.”