$42.48m Rice Import Fraud: Lagos Court Adjourns Trial of Briton, Indian Businessmen to January 27, 2026
The Federal High Court, Lagos Division, presided over by Justice Akintayo Aluko, has adjourned further hearing in the ongoing criminal trial of a British national, two Indian businessmen, and their corporate entities accused of orchestrating a $42.48 million international trade fraud under the guise of rice importation. The matter has been fixed for 27 January 2026 for continuation of proceedings.
The defendants are:
– Marcus Wade, a British national and Chairman of Wilben Trade Limited, Dubai;
– Prem Garg and Devashish Garg, both Indian nationals;
– Wilben Trade Limited, Dubai; and
– Agrico Agbe Limited, Nigeria.
They are being prosecuted by the Office of the Attorney‑General of the Federation (AGF) on a charge marked FHC/L/562C/2022.
The prosecution alleges that in 2015, the defendants conspired to obtain $42,485,900 under the pretext of importing Indian parboiled rice into Nigeria. Instead of applying the funds to the contract, the monies were allegedly diverted for other purposes.
The offences are said to contravene Sections 421 and 422 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.
At the last sitting, defence counsel A. Akinteye informed the court that the prosecution sought an adjournment as its counsel was engaged at the Court of Appeal. The case has suffered repeated adjournments since filing, largely due to the non‑appearance of the foreign defendants.
Justice Aluko had earlier dismissed several applications by the defendants seeking to: quash the charges, halt their arraignment, and vacate the bench warrant issued for their arrest.
Counsel representing Zenith Bank, Guaranty Trust Bank (GTB), and Citi Bank—Ademola Abayomi and Victor Adunwa—informed the court that neither the defendants nor their companies maintained accounts with the listed banks. This submission followed a prior freezing order issued against the defendants’ accounts.
The alleged fraud stems from transactions between May and September 2015, when the defendants purportedly contracted to import rice but allegedly diverted the $42 million facility earmarked for the transaction.
The matter has now been adjourned to 27 January 2026 for continuation of hearing, with the expectation that the defendants will appear to take their pleas.
