BFI Group, six others face court over €100m fraud allegations

The Economic and Financial Crimes Commission (EFCC) on Thursday, January 29, 2026, arraigned BFI Group Corporation and six individuals before Justice M.S. Idris of the Federal Capital Territory (FCT) High Court, Jabi, Abuja, over an alleged €100 million (One Hundred Million Euros) fraud.

The defendants – Reuben M. Jaja, Uzor Chidi Jerry, David Femi James, Imeobong Jumbo Udom, Adeola Edward, and Emeka Emmanuel Okorie – were charged on a five-count amended indictment bordering on fraud, conspiracy, and false pretence.

During the proceedings, prosecution counsel, Ekele Iheanacho, SAN, drew the court’s attention to the amended charge dated January 27, 2026, and requested that it be read to the defendants to enable them to enter their pleas.

According to the charges, the defendants allegedly conspired between August 12, 2020, and March 2021 in Abuja to induce the Central Bank of Nigeria (CBN) to confer benefits on BFI Group Corporation by false pretence. Count one stated that they conspired “with intent to defraud, to induce the Central Bank of Nigeria to confer benefit on BFI Group Corporation by false pretence,” contrary to Sections 8(a) and 1(3) of the Advance Fee Fraud and Other Related Offences Act.

Count two of the charge alleged that BFI Group Corporation and Reuben M. Jaja attempted to obtain a Certificate of Capital Importation for €100 million by falsely claiming the sum was deposited into a non-existent CBN account, contrary to Section 8(b) of the Advance Fee Fraud and Other Related Offences Act, 2006, and punishable under Section 1(3) of the same law. The defendants pleaded “not guilty” to all charges. The prosecution subsequently requested a trial date and a date to respond to the defendants’ bail applications, which were served in court.

Chinedu Eze, counsel to the first and second defendants, applied orally for bail on self-recognition, citing Sections 32(1)–(3) of the Administration of Criminal Justice Act (ACJA) 2015 and the Abiola v. FRN (1995) case. He argued that the second defendant, being a prominent king, should be granted bail.

However, Iheanacho opposed the application, stating that the cited legal precedents were inapplicable to defendants who had already been charged. He argued that Section 162 of ACJA governs bail in criminal trials and noted that the defendants had already filed written applications, making the oral application improper.

Justice Idris adjourned the matter to February 3, 2026, for ruling and adoption of bail. He ordered that the fourth defendant be remanded in the EFCC holding facility, while the remaining defendants were remanded at the Kuje Correctional Centre.