The Economic and Financial Crimes Commission (EFCC) has arraigned Otobor Geoffrey Onajefe before an Ikeja Special Offences Court, Lagos, for allegedly conspiring to steal ₦37,440,000 from Omotayo Olumide Oyebanji and Mr. Ernest Adeii. Onajefe pleaded not guilty to the charges, which include conspiracy and stealing, contrary to Sections 409 and 285 of the Criminal Law of Lagos State, 2011.

The EFCC claims Onajefe dishonestly converted the funds for personal use, with accomplice Philip Otahre Onobrakpe still at large. The anti-graft agency’s investigation revealed suspicious financial transactions linked to Onajefe, prompting a review of financial records. The prosecution opposes bail, citing difficulties in securing Onajefe’s previous appearance and the seriousness of the alleged offense.

Justice Mojisola Dada adjourned the matter until February 26, 2026, for hearing of the bail application and ordered that Onajefe be remanded in a correctional centre pending further proceedings.