EFCC Battles Prominent Bishop in Court Over Alleged N178 Million Fraud

• The Economic and Financial Crimes Commission (EFCC) re-arraigned two executives of the Covenant Fadama Multi-purpose Cooperative Society on May 29, 2025, over allegations of conspiracy, fraud, and money laundering amounting to ₦178,885,000
• The defendants, Secretary Okewole Dayo and Chairman Bishop Katung Jonas, allegedly lured unsuspecting investors into funding the cooperative, only for the money to be laundered and used to acquire properties
• Both pleaded not guilty, while the court adjourned proceedings to July 22 and 23, 2025, following concerns over trial delays and witness availability

The Economic and Financial Crimes Commission (EFCC) re-arraigned two executives of the Covenant Fadama Multi-purpose Cooperative Society on Thursday, May 29, 2025, before Justice Sharon T. Ishaya of the Federal High Court sitting in Jos, Plateau State.

The Secretary, Okewole Dayo, and Chairman, Bishop Katung Jonas, faced a 23-count charge relating to conspiracy, obtaining money under false pretence, and money laundering amounting to ₦178,885,000.

Investigations by the EFCC revealed that the defendants allegedly formed the cooperative society to deceive unsuspecting investors. The duo induced individuals to invest substantial sums, which were subsequently laundered through multiple bank accounts and withdrawn using proxies.

The illicit proceeds were reportedly used to acquire properties in Jos and Kaduna

Money laundering allegations in Covenant Fadama Cooperative

One of the charges, Count 2, detailed how the defendants knowingly transferred ₦50,000,000 from Covenant Fadama Cooperative Society’s First Bank account into Dadin Kowa Micro Finance Account, a transaction constituting proceeds of unlawful activity. This was an offence under Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2012.

Count 8 highlighted fraudulent activities involving ₦10,000,000 obtained from Reke Vida Ltd. The defendants falsely promised to invest the funds in Covenant Fadama Cooperative Society with a guarantee of a monthly 10% return, an assurance they knew to be deceptive.

This constituted an offence under Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Defendants pleaded not guilty in court

Both defendants pleaded not guilty when the charges were read to them. In response, EFCC’s prosecution counsel, Ibrahim Buba, expressed readiness to proceed with the case, noting the scheduled witness presentations for the following day.

Defence counsels cited personal and logistical challenges in proceeding. J.J. Achi, counsel for the second defendant, mentioned a family emergency requiring his urgent attention. Meanwhile, C.I. Nwogbo, representing the first defendant, highlighted delays in receiving case documents and logistical difficulties involving his client’s location.

Justice Ishaya expressed concerns over trial delays

Justice Ishaya emphasised the inefficiencies caused by delays, particularly affecting prosecution witnesses travelling from Abuja. The EFCC had initially listed 18 witnesses, but some had become unavailable while two had passed away, prompting considerations for new witness additions.

After hearing submissions, Justice Ishaya adjourned the case to July 22 and 23, 2025, for the continuation of the trial.

Court takes action on EFCC's case Vs Fayose

Legit.ng earlier reported that The federal high court in Lagos has reserved ruling on the no-case submission filed by Ayodele Fayose, a prominent former governor of Ekiti state.

As reported on Tuesday, May 20, by Channels Television, the court took action in Fayose's trial over alleged money laundering and theft totalling N6.9 billion.

Fayose, an open supporter of President Bola Tinubu, was first arraigned on October 22. 2018, before Justice Mojisola Olatoregun. The ex-governor was arraigned alongside his company, Spotless Investment Limited, on 11 counts bordering on fraud and money laundering. He had pleaded not guilty to the charge and was subsequently freed.

Source: Legit.ng