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The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 2, on Thursday, July 31, 2025, arraigned one Iwunze Ikechukwu Favour before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja on a one-count charge of theft involving the sum of N208,384,000.
According to the charge, the defendant is accused of dishonestly stealing and converting groceries and household goods valued at N208,384,000, property of Ogechi Okorie and G-Chinodan Ltd, for his personal use.
The alleged offence took place between January and December 2024 within the jurisdiction of the court.
The charge reads: “That you, Iwunze Ikechukwu Favour, sometime between January and December 2024, in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, stole and converted to your personal use the sum of N208,384,000.00 (Two Hundred and Eight Million, Three Hundred and Eighty-Four Thousand Naira), being the value of several groceries and household items, property of Ogechi Okorie and G-Chinodan Ltd, and thereby committed an offence of stealing, contrary to and punishable under Sections 280 and 287 of the Criminal Law of Lagos State, 2015.”
The defendant pleaded not guilty to the charge.
Following the plea, prosecution counsel A.A. Usman requested a trial date and urged the court to remand the defendant in a correctional facility pending trial.
In response, defence counsel N.M. Abraham informed the court of a pending bail application and subsequently moved the motion for his client’s release.
Justice Dada granted the defendant bail in the sum of N10,000,000 with two sureties in like sum. One of the sureties must commit to placing a lien on their bank account. The court further ordered that the defendant deposit his international passport with the court registrar.
The matter was adjourned to October 30, 2025, for the commencement of trial.
Meanwhile, the defendant was ordered to be remanded in a correctional centre pending the fulfilment of his bail conditions.
