EFCC has arraigned BFI Group Corporation and six others over alleged €100 million CBN Fraud.
NewsOnline Nigeria reports that the Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on sophisticated financial scams, arraigning BFI Group Corporation and six individuals for allegedly attempting to defraud the Central Bank of Nigeria (CBN) of €100 million (≈₦200 billion). The case was heard before Justice M.S. Idris at the Federal Capital Territory High Court in Jabi, Abuja.
The accused: Reuben M. Jaja, Uzor Chidi Jerry, David Femi James, Imeobong Jumbo Udom, Adeola Edward, and Emeka Emmanuel Okorie face a five-count amended charge alleging conspiracy, fraud, and obtaining benefits by false pretence. Prosecutors claim that between August 12, 2020, and March 2021, the defendants conspired to mislead the CBN into issuing a Certificate of Capital Importation (CCI) for BFI Group Corporation, falsely claiming that €100 million had been deposited into a purported CBN account, an account investigators confirmed never existed.
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Key Charges:
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Count One: Conspiracy to fraudulently induce the CBN to confer a benefit on BFI Group Corporation, contrary to Section 8(a) of the Advance Fee Fraud and Other Related Offences Act.
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Count Two: Attempt by BFI Group Corporation and Reuben M. Jaja to obtain the €100 million CCI through the fabricated deposit, violating Section 8(b) of the Act.
All defendants pleaded not guilty when the charges were read. EFCC lead counsel, Ekele Iheanacho, SAN, filed the amended charges on January 27, 2026, requesting a trial date while seeking time to respond to pending bail applications.
The defense, led by Chinedu Eze, urged an oral bail hearing for Reuben M. Jaja, a prominent traditional ruler, citing provisions of the Administration of Criminal Justice Act (ACJA) 2015 and legal precedents. The prosecution opposed, arguing that those provisions apply only to pre-trial suspects, not defendants already facing trial. Iheanacho cited Section 162 of the ACJA and Section 36 of the 1999 Constitution, which govern bail in ongoing cases.
Justice Idris adjourned proceedings to February 3, 2026, for rulings on the bail applications. In the meantime, the fourth defendant remains in EFCC custody, while the others were remanded to Kuje Correctional Centre.
The case underscores the EFCC’s aggressive stance against forex-related fraud schemes that exploit Nigeria’s capital importation framework. Analysts say such prosecutions send a strong warning to would-be fraudsters and support ongoing reforms to strengthen financial integrity and economic security.
The matter continues to attract national attention as the EFCC pursues high-profile anti-graft actions in 2026.
