The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has arraigned one Iwunze Ikechukwu Favour before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja over a staggering ₦208 million theft case.
The charge, filed on Thursday, July 31, 2025, accuses Iwunze of dishonestly stealing and converting various groceries and household items worth ₦208,384,000. The stolen items were reportedly the property of Ogechi Okorie and G-Chinodan Ltd.
According to court documents, the alleged crime took place between January and December 2024 in Lagos. The charge states:
"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 ₦208,384,000.00, 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."
When arraigned, the defendant pleaded not guilty.
Following the plea, EFCC counsel A.A. Usman applied for a trial date and requested that the accused be remanded in custody pending the start of the trial.
However, the defendant’s lawyer, N.M. Abraham, informed the court of a bail application and moved a motion for his client’s release.
Justice Dada granted bail in the sum of ₦10 million, with two sureties in the same amount. One of the sureties is required to place a lien on their bank account. Additionally, the court ordered that the defendant submit his international passport to the court registrar.
The trial has been adjourned to October 30, 2025. In the meantime, Iwunze will remain in custody until he meets the bail conditions.
