Home My Town & I Forex Trader Allegedly Absconds With Clients’ $2,900

Forex Trader Allegedly Absconds With Clients’ $2,900


A foreign exchange (forex) trader, Olufemi Oluwade, who allegedly absconded with two of his clients’ $2,900 dollars (about N1.1million), was on Wednesday brought before an Ikeja Magistrates Court in Lagos.

Oluwade, 39, of No. 5, Oyawale Street, Idimu, Lagos, was arraigned by the police before Mr A.I Abina on a two-count charge of stealing and obtaining money under false pretence.

Prosecuting Sergeant Ishola Samuel alleged that Oluwade committed the offence sometime in May 2019 on Awolowo Way in Ikeja.

He said the defendant obtained $2,900 from the complainants, Olamide Fashipe and Wilson Emele, with a promise to invest the amount in forex trade business.

The court heard that Oluwade absconded after collecting the money.

According to the prosecutor, the offence contravened sections 287 and 314 of the Criminal Law of Lagos State, 2015.

Oluwade pleaded not guilty.

Magistrate Abina granted him N200, 000 bail with one “responsible” surety in the like sum, among other terms.

The case continues on August 28. The nation



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