EFCC prosecutes Lagos businessman over N164m fraud

Fidelis Umukoro, a Lagos businessman and former Managing Director of Raremax Global Investments Limited, is being prosecuted by the Economic and Financial Crimes Commission for alleged N164 million fraud.

The commission insisted on charges of fund diversion against Umukoro, who was facing trial for allegedly diverting N164 million from A&P Foods Limited to other companies without being duly authorised.

T.J Banjo, counsel to the EFCC, told Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Monday that Umukoro allegedly diverted the funds while he was the authorised signatory to A&P Foods Limited’s account.

The prosecution claimed during cross-examination that the defendant diverted funds to Raremax Global Investments Limited, where he was a former Managing Director, and other companies in which he had interests.

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