Olusanya Olumide Adeniran, CEO of EazzyTranzact, has denied an N50 billion forex scam allegation by the EFCC. The contention involves the CEO’s alleged use of illegal proceeds to acquire personal properties.
According to a Nairametrics report, the EFCC filed a suit in the Federal High Court, Abuja, seeking a forfeiture of properties belonging to Adeniran in Lekki and Victoria Island, Lagos. The report noted that the forfeiture order by the EFCC indicated that the EazzyTranzact founder was involved in N50 billion illegal forex deals.
A counter suit has been filed against Adediran, EazzyTranzact and his second company, EazzyOil Petroleum Gas Energy Limited. While Adeniran and his companies hold that the matter is purely a civil contract and not a forex scam, the EFCC is trying to establish a case of fraudulent diversion and alleged breach of trust.
The EFCC had earlier secured an interim forfeiture order against properties belonging to the EazzyTranzact CEO in May. This includes 10 flats of a 4-storey building and 2 blocks of 2-storey buildings in Victoria Island, Lagos, 6 blocks of 2-storey buildings in Lekki Phase 1, Lagos, and five cars linked to Adeniran and his companies.
According to the anti-graft commission, the properties are suspected to have been acquired by Adediran through returns from illegal forex trading worth N50 billion. In addition, the EFCC is also investigating a petition alleging criminal breach of trust, obtaining money by false pretence, and money laundering activities against Adediran.
Through investigations, the commission said that Adeniran and his companies made false claims about being a legitimate forex trader.
It added that “Bilateral Currency Exchange Forward Agreement”, the nominal complainant, paid the sum of N50.4 billion into the accounts of the respondents for the purchase of $31,514,383.00, which was to be delivered within 30 days.
The EFCC also stated that since it opened interrogations, the EazzyTranzact CEO had refused to honour their invitation and had since absconded to the United Kingdom.
Also Read: FG unveils portal for fraud reporting and tracking in Nigeria’s real estate industry.
Denial of involvement in the forex scam
Adeniran’s personal secretary, Ndubusi Chima, in an affidavit filed on Monday, denied the allegations of the EFCC. He noted that while the commission alleges money laundering and forex scam, Adediran has entered into a “Bilateral Currency Exchange Forward Agreement” with Kashton Concepts in July 2024.
Explaining the deal, the secretary noted that the nominal complainant was meant to transfer N32.4 billion to EazzyTranzact. He highlighted that the transfer was to be made promptly to avoid currency fluctuations due to the exchange rate.
After the transfer, the payment platform will then transfer $24,000,000 to the nominal complainant within a period of 30 days.
Meanwhile, a delay occurred, which warranted a loss of $16,500,000. Chima pointed out that the company was informed of this development, and at that time, EazzyTranzact had carried out a forex transaction worth over $100,000,000.
While the nominal complainant did not deny previous transactions, it gave an assurance of an increase in the volume of trade, according to Chima. The complainant also gave an assurance of prompt payment that will create an avenue for EazzyTranzact to recover the financial loss.
Chima said they received an invitation letter from the EFCC in the process of agreeing to obtain a Standby Letter of Credit to facilitate the transaction.
The EFCC then charged the companies and the CEO over alleged criminal breach of trust and money laundering.
Court case
The EazzyTranzact CEO’s legal team holds that the EFCC has no grounds to charge them with money laundering over a “civil contract agreement” with Kashton Concepts. Notably, the team accused the commission of interfering in civil disputes.
At Tuesday’s court proceedings, the legal team asked the court to stop EFCC from making moves to evict occupants of the properties. It backed this with claims that the interim order obtained has not been made final.
While responding, EFCC lawyer, Samuel Chime, said the properties have been forfeited to the federal government in the interim. He said that the properties need to be preserved pending the final forfeiture.
After this, the case was adjourned until October 15, 2025.
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