EFCC re-arraigns cooperative executives for alleged ₦178.9m fraud
The Economic and Financial Crimes Commission (EFCC) has re-arraigned two executives of Covenant Fadama Multi-purpose Cooperative Society over alleged fraud and money laundering totaling ₦178,885,000. The accused, Okewole Dayo (Secretary) and Bishop Katung Jonas (Chairman), were brought before Justice Sharon T. Ishaya at the Federal High Court in Jos, Plateau State, on Thursday.
The defendants are facing a 23-count charge bordering on conspiracy, obtaining money under false pretence, and laundering proceeds of unlawful activities. EFCC investigations allege that they used the cooperative to fraudulently solicit investments from the public, which were then laundered through various bank accounts and withdrawn using proxies.
According to the EFCC, the funds were used to purchase properties in Jos and Kaduna. One of the charges claims the defendants transferred ₦50 million to another account as part of the laundering scheme, while another accuses them of fraudulently obtaining ₦10 million from Reke Vida Ltd under false pretences of a 10% monthly return on investment.
Both defendants pleaded not guilty when the charges were read. Prosecuting counsel, Ibrahim Buba, informed the court of the commission’s readiness to proceed with the trial, noting that a hearing had already been scheduled for the following day.
However, defence lawyers sought a postponement. J.J. Achi, representing Bishop Jonas, said he had a family emergency, while Okewole’s counsel, C.I. Nwogbo, cited delays in obtaining documents and logistical challenges due to his client residing outside Jos.
Justice Ishaya expressed frustration over the delays, particularly since the prosecution had traveled from Abuja. She noted the need for progress and asked how many witnesses would be called.
Buba responded that while the original list contained 18 witnesses, some were now unreachable and two had died, prompting the possibility of adding new witnesses to the case.
Justice Ishaya adjourned the trial to July 22 and 23, 2025, for continuation, urging all parties to be ready to proceed without further delay.
