Tuesday, February 17 2026 - An Ikeja Special Offences Court in Lagos on Monday sentenced an operator of Equigro Financial Services, Henry Daniel, to one year in prison for defrauding a man of N37m under the guise of foreign exchange trading.
Justice Olubunmi Abike-Fadipe delivered the judgment after finding Daniel guilty of obtaining money by false pretence and stealing. The judge also ordered him to perform 50 hours of community service and make restitution of N15.6m to the victim, Mr Eze Onyekachukwu.
Daniel, who traded under the name Equigro Financial Services, was arraigned by the Economic and Financial Crimes Commission on two counts of obtaining money by false pretence and stealing. He had pleaded not guilty, prompting a full trial.
The prosecution, led by Babatunde Sonoiki, told the court that Daniel committed the offences between January and October 2020 in Lagos. He allegedly misrepresented to Onyekachukwu that the N37 million would be invested in a forex trading business, but instead misappropriated the funds.
“The defendant neither invested the money in any forex business nor refunded the complainant, thereby defrauding him of the entire sum,” the EFCC prosecutor said.
During the trial, three witnesses testified for the prosecution, and several documents were admitted as evidence.
In her ruling, Justice Abike-Fadipe held that the prosecution had proven the case beyond a reasonable doubt.
“The prosecution has successfully established the essential ingredients of the offences charged. Daniel is hereby found guilty as charged,” she said.
The judge sentenced Daniel to one year imprisonment, with an option to pay a N2m fine, in addition to the 50 hours of community service and restitution order.
The conviction follows the EFCC’s investigations, revealing that Daniel obtained N37m from Onyekachukwu under the pretence of forex trading, but failed to invest the money or return it to the complainant.
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