EFCC re-arraigns Two, firm over alleged N60.7m shares fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday, February 18, 2026, re-arraigned Godwin Emeka Njoku and Bernard Ilori alongside Mutual Alliance and Investment Securities Limited before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, over an alleged N60.7 million shares fraud.

The defendants were re-arraigned on a 16-count charge bordering on conspiracy, obtaining property by false pretence, stealing, and impersonation. The charges are said to contravene Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as Sections 378(1) and 409 of the Criminal Law of Lagos State, 2011.

The case was initially filed before Justice Solebo in 2020, where the prosecution called three witnesses before the judge retired from service.

Following the retirement, the matter was reassigned to Justice Dada and is now commencing afresh (de novo) at the Special Offences Court in Ikeja.