By SCM Finance Correspondent
ABUJA — Nigeria’s principal anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has arraigned the Managing Director of Viscount Microfinance Bank on charges of multi-currency fraud and illegal conversion of investor funds.
Blessing Gozi-Anyaokei appeared before Justice Y. Halilu at the Federal High Court in Maitama, Abuja, following allegations that she misappropriated millions of naira and tens of thousands of US dollars entrusted to her for investment.
The prosecution claims that in 2022, Gozi-Anyaokei was entrusted with 19 million naira and $30,000 by an investor, Ernest Terkula Jor. Instead of deploying the capital into agreed investment vehicles, the EFCC alleges she dishonestly converted the funds for personal use, violating Nigeria’s Penal Code Act.
Gozi-Anyaokei pleaded not guilty to the two-count charge. Justice Halilu granted the defendant bail, contingent on providing two sureties with landed property in Abuja. She was also ordered to surrender her travel documents. The trial is scheduled to commence on July 19, 2026.
Procurement Fraud Trial Launched
In a separate enforcement action reflecting the EFCC’s widened net over Abuja’s business sector, the commission also arraigned Ugochukwu Daniel Ifeanachor before Justice J. O. Abdulmalik.
Ifeanachor faces a two-count charge bordering on advance fee fraud, money laundering, and obtaining 20 million naira under false pretences.
Court documents allege that in 2025, Ifeanachor defrauded an individual, Ezekwuche Chinedu Paul, by falsely claiming the funds would procure 55 all-in-one desktop computers.
The prosecution further alleges that Ifeanachor routed the proceeds through a commercial bank account to launder the capital, violating Nigeria’s Money Laundering (Prevention and Prohibition) Act 2022.
Following a “not guilty” plea, Ifeanachor was remanded in custody at the Kuje Correctional Centre ahead of his trial on July 6, 2026.
These dual arraignments come at a highly sensitive time for Nigeria’s financial sector, which has been grappling with intense regulatory oversight from both the EFCC and the Central Bank of Nigeria (CBN).
The Microfinance Sector: Nigeria’s microfinance institutions (MFIs) were designed to drive financial inclusion, offering banking services to unbanked individuals and small-to-medium enterprises (SMEs).
However, the sector has frequently suffered from weak corporate governance, high non-performing loan (NPL) ratios, and insider abuse.
The arraignment of a prominent microfinance chief underscores ongoing anxieties regarding the internal controls of these lower-tier financial institutions.
The Dollarization and Inflation Factor: The inclusion of US dollars ($30,000) in the counts against Gozi-Anyaokei highlights a broader macroeconomic trend in Nigeria: the widespread use of foreign currency as a hedge against the volatile and depreciating Nigerian naira.
Given severe foreign exchange liquidity constraints in the formal banking sector over recent years, private investors frequently seek alternative or informal investment channels to preserve capital in USD, magnifying the risk of exposure to fraudulent schemes.
The Enforcement Push: The EFCC’s twin prosecutions of a banking executive and an independent tech-procurement contractor signal a zero-tolerance policy toward corporate fraud.
The Nigerian government is under significant international pressure to tighten anti-money laundering (AML) protocols and combat advance fee fraud (locally known as “419”), especially as the country seeks to attract foreign direct investment and delist itself from international financial grey lists.