The Benin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Tuesday, February 17, 2026, arraigned two men, Kelvin Usiholo and Osaigbovo Aikoriogie, before Justice B. O. Quadri of the Federal High Court sitting in Benin City, Edo State, over an alleged N143 million fraud.
The defendants were charged on a three-count indictment bordering on conspiracy, money laundering, and obtaining money by false pretence. The EFCC told the court that the offences were committed alongside other members of a syndicate currently at large.
According to the prosecution, Usiholo, who acted as a lawful attorney for Eghosa Aikorogie, had earlier petitioned the EFCC through a firm of legal practitioners, alleging that Osaigbovo Aikorogie defrauded Eghosa of large sums of money in a business transaction.
However, investigations by the Commission revealed that the funds involved were proceeds of fraud and that both the complainant and the suspect were part of a criminal syndicate that specialised in defrauding unsuspecting victims, including foreigners.
The EFCC further disclosed that the defendants allegedly conspired with others at large to launder the sum of N143 million between April and May 2024. The funds were reportedly transferred into a First Bank account operated by Usiholo, which the defendants allegedly knew or ought to have known formed part of proceeds of unlawful activities.
One of the charges reads that the defendants conspired to commit money laundering, contrary to Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.
Another count alleges that the defendants indirectly took possession and control of the N143 million, an offence contrary to Section 18(2)(d) of the Act.
The defendants pleaded not guilty to all charges when they were read to them.
Following their plea, prosecution counsel, Immaculate Elodi, urged the court to fix a date for trial. Justice Quadri adjourned the matter to February 27, 2026, for hearing of the bail application.
