N50bn Forex scam: EazzyTranzact CEO denies EFCC’s allegation amid legal tussle

Olusanya Olumide Adeniran, CEO of EazzyTranzact, has denied an allegation made by the Economic and Financial Crimes Commission (EFCC) of his involvement in a N50 billion forex scam. The matter, which has now progressed into a legal dispute, is a contention surrounding the CEO’s alleged use of illegal proceeds to acquire properties. 

Per Nairametrics report, a suit filed by EFCC in the Federal High Court, Abuja, is seeking a forfeiture order for properties in Lekki and Victoria Island, Lagos, belonging to Adeniran. The report noted that the forfeiture order sought by the EFCC was because the EazzyTranzact owner was involved in N50 billion illegal forex deals. 

The suit was filed against Adediran, EazzyTranzact and his second company, EazzyOil Petroleum Gas Energy Limited.

While Adeniran and his companies hold that the matter is purely a civil contract and not a forex scam, the EFCC is trying to establish a case of fraudulent diversion and alleged breach of trust.

The EFCC had earlier secured an interim forfeiture order against properties belonging to the EazzyTranzact CEO in May. This includes 10 flats of a 4-storey building and 2 blocks of 2-storey buildings in Victoria Island, Lagos, 6 blocks of 2-storey buildings in Lekki Phase 1, Lagos, and five cars linked to Adeniran and his companies.

According to the anti-graft commission, the properties are suspected to have been acquired by Adediran through returns from illegal forex trading worth N50 billion. In addition, the EFCC is also investigating a petition alleging criminal breach of trust, obtaining money by false pretence, and money laundering activities against Adediran.

Through investigations, the commission said that Adeniran and his companies made false claims about being a legitimate forex trader. 

It added that “Bilateral Currency Exchange Forward Agreement”, the nominal complainant, paid the sum of N50.4 billion into the accounts of the respondents for the purchase of $31,514,383.00, which was to be delivered within 30 days.

Since it opened interrogations, EFCC explained that the EazzyTranzact CEO had refused to honour their invitation and had since absconded to the United Kingdom.

Also Read: FG unveils portal for fraud reporting and tracking in Nigeria’s real estate industry.

Denial of involvement in the forex scam 

Adeniran’s personal secretary, Ndubusi Chima, in an affidavit filed on Monday, denied the allegations of the EFCC. He noted that while the commission alleges money laundering and forex scam, Adediran has entered into a “Bilateral Currency Exchange Forward Agreement” with Kashton Concepts in July 2024.

In explanation of the deal, he noted that the nominal complainant was meant to transfer N32.4 billion to EazzyTranzact. He highlighted that the funds were to be made promptly to avoid currency fluctuations due to the exchange rate.

After the transfer, the payment platform will then transfer $24,000,000 to the nominal complainant within a period of 30 days.

Meanwhile, a delay occurred, which warranted a loss of $16,500,000. Chima pointed out that the company was informed of this development, and at that time, EazzyTranzact had carried out a forex transaction worth over $100,000,000.

While the nominal complainant did not deny previous transactions, it gave an assurance of an increase in the volume of trade, according to Chima. In addition, it gave an assurance of prompt payment that will create an avenue for EazzyTranzact to recover the financial loss. 

Chima said they received an invitation letter from the EFCC in the process of agreeing to obtain a Standby Letter of Credit to facilitate the transaction.

The EFCC then charged the companies and the CEO over alleged criminal breach of trust and money laundering.

Court case

The EazzyTranzact CEO’s legal team holds that EFCC has no grounds to charge them with money laundering over a “civil contract agreement” with Kashton Concepts. Notably, it accused the commission of interfering in civil disputes. 

At Tuesday’s court proceedings, the legal team asked the court to stop EFCC from making moves to chase occupants of the properties. It backed this with claims that the interim order obtained has not been made final.

While responding, EFCC lawyer, Samuel Chime, said the properties have been forfeited to the federal government in the interim. He said that the properties need to be preserved pending the final forfeiture.

After this, the case was adjourned until October 15, 2025.