EFCC Arraigns Ex-NRC MD over Alleged $385,000 Money Laundering

The Economic and Financial Crimes Commission (EFCC) has arraigned a former Managing Director of the Nigerian Railway Corporation (NRC), Fidet Edetanle, over alleged money laundering involving $385,000 and N165.5 million.

Edetanle was brought before the Ikeja Special Offences Court on Tuesday, where he is facing a seven-count charge bordering on abuse of office, unlawful enrichment, and money laundering.

He pleaded not guilty to all the charges, according to the News Agency of Nigeria.

Leading the prosecution, EFCC counsel Abba Muhammad (SAN) told the court that the defendant allegedly abused his position while serving as managing director of the NRC between 2016 and 2024.

What they are saying 

According to the anti-graft agency, Edetanle violated provisions of the Public Procurement Act, 2007 in the award of contracts, allegedly with the intention of securing undue personal advantage.

• The EFCC further alleged that the former NRC boss engaged in multiple acts of money laundering while still in office. The prosecution claimed that between May 29 and September 11, 2024, Edetanle transferred $205,000 from his domiciliary account maintained with Access Bank Plc. The funds were alleged to be proceeds of unlawful activities.
• According to the EFCC, the money was transferred to the bank account of Ehimen Okhiria, domiciled with ABN AMRO Bank, Netherlands. In another count, the commission alleged that between October 21 and November 21, 2024, Edetanle transferred a cumulative sum of $385,000 and N165.5 million from the same Access Bank domiciliary account to Okhiria’s account with ABN AMRO Bank.

The EFCC said the alleged acts contravened Sections 332(1) and 332(3), 73(1), and 82(c) of the Criminal Law of Lagos State, 2011, which prescribe penalties for abuse of office, unlawful enrichment, and money laundering by public officials.

Backstory 

Earlier reports by Nairametrics stated that the EFCC also arraigned the Chief Executive Officer of Onome Global Market Resources Limited, Osabohein Ologbose and his wife, Hope Onome Oghelemu, over an alleged N740 million investment fraud.

• The defendants were brought before Justice Ekerete Akpan of the Federal High Court in Abuja alongside their companies, Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, on charges linked to investment fraud and money laundering.
• On January 20, 2025 the agency also arraigned Sarumi Samusideen Babafemi, an associate of social media celebrity Ismail Mustapha, also known as Mompha, alongside three companies over an alleged N206 million fraud.

The arraignment follows ongoing investigations into alleged money laundering activities linked to Mompha and his associates, with transactions said to have occurred between 2013 and 2018.

What you should know 

In light of Edetanle’s arraignment, the prosecution requested a trial date and urged the court to remand the defendant to a correctional facility pending the determination of the case.

• However, defence counsel Adebowale Kamoru informed the court that he had just been served with the charge and requested a short adjournment. The court declined the request and ordered that Edetanle’s plea be taken.
• Kamoru subsequently asked for a brief adjournment to enable the defence file a bail application. Presiding judge Rahman Oshodi adjourned the matter until May 13, 2026, for the commencement of trial.

The court also ordered that the defendant be remanded in a maximum correctional facility pending the hearing and determination of his bail application, marking the start of what is expected to be a closely watched trial involving alleged financial misconduct at one of Nigeria’s key transport agencies.