EFCC Drags Car Dealer to Court Over Alleged N7.8m Vehicle Deal Fraud

Posted by Chinenye on Tue 18th Aug, 2026 - tori.ng

A car dealer and his company have landed in court over an alleged ₦7.8 million vehicle transaction that prosecutors say took an unexpected turn.

(EFCC. Photo by Guardian Nigerian News)

The Economic and Financial Crimes Commission's Ibadan Zonal Directorate has arraigned a defendant and his business entity before an Oyo State High Court in Ibadan on allegations of fr@ud involving N7.8 million in a motor vehicle transaction.

The defendants, charged on Thursday, August 13, 2026, were accused of presenting themselves as automobile merchants and operating a purported car sales facility to deceive a victim into transferring N7,819,000 for the acquisition of two vehicles.

The prosecution alleged the funds were remitted into the company's First Bank account and subsequently misappropriated by the principal defendant for personal purposes.

Both the individual and his commercial entity faced a single-count indictment addressing unlawful conversion involving the contested sum, characterised as property belonging to the complainant.

The charge specified that between October 2021 and March 2022, the defendants converted funds to personal use, constituting the offence of theft by conversion under applicable federal criminal statutes.

During court proceedings, the defendant entered a not guilty plea. The EFCC prosecution counsel subsequently sought a trial date and incarceration of the defendant pending proceedings.

The defence counsel disclosed that bail application documentation had been submitted and requested court approval for release pending case determination.

The presiding justice adjourned proceedings to address the bail application and remanded the defendant to correctional custody pending the hearing.