From Taiye Joseph, Ilorin
The Economic and Financial Crimes Commission (EFCC), has arraigned a former banker, Ighodaro Asemota, over an alleged N132 million investment fraud involving a dental clinic in Benin, Edo State.
Asemota was arraigned on Monday, November 9, 2026, before Justice C. A. Obiozor, of the Federal High Court, sitting in Benin, by the Ilorin Zonal Directorate of the anti-graft agency.
The former Group Head, Small and Medium Enterprises, at a commercial bank’s Akpapara Branch, Benin, is facing a two-count charge bordering on obtaining money by false pretence and forgery.
According to the EFCC, the defendant allegedly induced Professor Idia Ize Iyamu to invest N150 million in commercial papers but subsequently collected N132 million under the guise of securing an investment for her company, Shalom Dental Clinic.
Related News
The commission alleged that Asemota, without the knowledge or authorisation of the bank, issued a forged investment letter to the company and allegedly forged the signatures of some of his colleagues on the document without their consent.
His arrest followed a petition lodged by Guaranty Trust Bank (GTBank), over the alleged fraudulent transaction.
One of the charges accused the defendant of obtaining N132 million from Professor Iyamu, in April 2021 under the false pretence that he had secured an investment in commercial papers for Shalom Dental Clinic through GTBank.
The charge stated that the defendant knew the representation to be false, an offence punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Asemota, however, pleaded not guilty to the charges when they were read to him.
Following his plea, EFCC counsel, Innocent Mbachie, urged the court to fix a date for trial and order the defendant’s remand in custody pending the determination of the case.
However, defence counsel, A. O. Ogunremi, appealed to the court to grant his client bail.
In his ruling, Justice Obiozor ordered that Asemota be remanded in a correctional facility pending further proceedings.
The judge adjourned the case until December 2, 2026, for the hearing of the bail application and commencement of trial.
