Enugu Police Set to Arraign Bureau de Change MD, Associate Over Alleged ₦2.4 Million Fraud

The Enugu State Command of the Nigeria Police Force is preparing to arraign the Managing Director of Zube Investment Bureau de Change Ltd, Mr. Igbokwe Azubuike Chikwado, along with one Mr. Eze Francis, on charges of fraud and criminal conspiracy.

According to an arraignment notice obtained by Nigeria News 247 on Tuesday morning, both men are scheduled to appear before Chief Magistrate Court One in Enugu today, June 24, 2025. The charges against them include conspiracy and obtaining money by false pretence (OBT).

The notice reads in part:
“Commissioner of Police Versus Eze Francis and Azubucka Chikwado Igbokwe. Be informed that the above case of Conspiracy/OBT in which you are a suspect will come up in the Chief Magistrate’s Court One… at 8:00 AM for arraignment and hearing.”

It also advised the accused to appear in court with a surety, noting that failure to do so could result in being remanded in prison custody.

The case stems from a petition filed by businessman Victor Ndubuaku, who accused Chikwado and Francis of orchestrating a scam involving a fake car sale. Represented by Torah Jurists Solicitors, Ndubuaku and his brother alleged they were defrauded of ₦2.4 million after making payments to purchase a black Toyota Corolla that was never delivered.

According to the petition, two separate transfers totaling ₦2.4 million were made to Chikwado’s First Bank account—₦1.5 million from Defrank Exclusive Natural Ltd via Wema Bank, and ₦900,000 from Daniel Uchenna Chukwu’s Access Bank account.

Francis, who allegedly managed the workshop where the car was supposedly kept, later refused to release the vehicle, claiming the funds were sent to the wrong account. The petition further alleged that the money was converted to U.S. dollars and handed to a third party, one “O. Jay,” who has since disappeared.

“The ₦2.4 million was later converted to U.S. dollars and given to O. Jay by Igbokwe through his company, Zube BDC Ltd,” the petition stated. It added that the funds were diverted despite Igbokwe allegedly knowing their fraudulent origin.

Court documents also reveal that a magistrate court in Enugu had issued orders directing First Bank to place a Post No Debit (PND) on Chikwado’s account (1000108491) due to its involvement in the fraud investigation. The court also ordered the bank to blacklist his BVN and provide transaction records dating back to March 24, 2025.

In a separate ruling in Suit No: MUZ/MISC/12/2025, the court ordered First Bank to reverse a fraudulent transfer of ₦900,000 back to the Access Bank account of Daniel Uchenna Chukwu, citing evidence of deceit in the transaction.

When contacted, Mr. Igbokwe denied any wrongdoing, claiming he used the funds to settle debts and keep operations afloat amid poor federal funding. He insisted that the allegations were part of a smear campaign by individuals with “selfish interests.”

“I am not diverting any funds. I am simply managing internal resources to pay our debts. Even the Federal Ministry of Health is struggling with electricity bills,” he stated.

The arraignment today will determine the next legal steps in what is fast becoming a high-profile case of financial fraud and alleged misconduct in Enugu State.