Lagos Court Jails Henry Daniel for ₦37m Forex Fraud
On Monday, 16 February, 2026, Justice Olubunmi Abike-Fadipe of the Special Offences Court in Ikeja, sentenced Henry Daniel to one year imprisonment for defrauding an investor of N37 million under the guise of a foreign exchange business.
Daniel, who operated under the name Equigro Financial Services, was arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on two counts: obtaining money by false pretence and stealing.
According to the charges, Daniel, between January and October 2020, persuaded Mr. Eze Onyekachukwu to invest N37 million, falsely claiming it would be used in a forex trading venture. Instead, Daniel allegedly converted the funds for personal use, violating Sections 1(3) and 8(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, as well as Sections 278(1) (a) and (b) and 285(1) of the Lagos State Criminal Law.
Daniel pleaded “not guilty,” leading to a full trial where EFCC’s prosecution, led by Babatunde Sonoiki, presented three witnesses and multiple documents that were admitted into evidence.
In delivering judgment, Justice Fadipe found Daniel guilty, sentencing him to one year imprisonment or an alternative fine of N2 million. Additionally, he was ordered to complete 50 hours of community service and to refund N15.6 million to the victim.
The case highlights ongoing efforts by the EFCC to crack down on investment scams and protect unsuspecting Nigerians from fraudulent schemes.
