The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director of Maphutha Oil & Gas Limited, Captain Nuhu Haruna, before the Kaduna State High Court over an alleged foreign exchange scam amounting to ₦1.02 billion.
Haruna appeared before Justice Darius Khobo of the Kaduna High Court on Wednesday, November 5, 2025, on a two-count charge of obtaining money under false pretence and advance fee fraud.
According to the EFCC, the oil firm boss defrauded a businessman, Alhaji Sheriff Zailani Shanono, between December 2023 and January 2024 after allegedly promising to provide the dollar equivalent of the funds he collected.
The anti-graft agency alleged that Haruna collected ₦782.3 million from Shanono in December 2023 and another ₦125 million in January 2024 under the pretext that he could convert the funds into United States dollars.
One of the charges reads:
“That you, Nuhu Haruna (M), with NIN 45666600264, while being the Managing Director of Maphutha Oil & Gas Limited, sometime in December 2023 at Kaduna, within the jurisdiction of this Honourable Court, obtained the total sum of ₦782,300,000 (Seven Hundred and Eighty-Two Million, Three Hundred Thousand Naira only) from one Alhaji Sheriff Zailani Shanono, when you claimed to be capable of providing him with the equivalent in United States Dollars and thereby committed an offence contrary to Section 1(1)(b) of the Advance Fee Fraud and Other Related Offences Act, 2006, and punishable under Section 1(3) of the same Act.”
The second count detailed another transaction in January 2024 involving ₦125 million, also meant for dollar exchange. In total, the alleged fraud amounted to ₦1.02 billion.
Investigations by the EFCC showed that the businessman transferred the money to Haruna, who promised to provide $1 million in two instalments—$600,000 and $400,000. However, after receiving the naira payments, Haruna allegedly provided fake evidence of dollar transfers into a foreign account. When Shanono checked, he discovered that no funds had been transferred, and the documents provided were fraudulent.
When the charges were read to him in court, Haruna pleaded not guilty to both counts. Prosecution counsel M.E. Eimonye then requested a date for trial, assuring the court that the EFCC was ready to present its witnesses and evidence.
However, defence counsel, M.T. Mohammed, informed the court that a bail application had already been filed on behalf of his client and urged the judge to consider granting bail due to Haruna’s health condition and business responsibilities.
Justice Darius Khobo adjourned the matter until November 19, 2025, for the hearing of the bail application. He also ordered that the defendant be remanded in a correctional centre pending further proceedings.
This case adds to the growing number of foreign exchange–related fraud cases being investigated by the EFCC across Nigeria. With rising demand for foreign currency and pressure on the naira, several individuals and companies have reportedly fallen victim to fake dollar exchange deals.
In recent years, the EFCC has prosecuted several high-profile cases involving forex scams, advance fee fraud, and cryptocurrency-related offences. These scams often involve large sums of money exchanged for promised foreign currency that is never delivered.
The commission has warned Nigerians to be wary of individuals or firms that claim to offer faster access to foreign exchange or higher exchange rates, stressing that such operations are often fronts for fraud.
Under the Advance Fee Fraud and Other Related Offences Act, 2006, obtaining money through false pretence is a serious criminal offence punishable by lengthy imprisonment.
Maphutha Oil & Gas Limited is reportedly involved in oil marketing and general trading. However, the EFCC alleges that the company was used to facilitate fraudulent transactions in this case.
Captain Nuhu Haruna, the defendant, is said to be a businessman with several years of experience in the oil sector. According to investigators, he allegedly used his company’s name and reputation to gain the victim’s trust before collecting the ₦1.02 billion.
Sources close to the investigation said the EFCC began tracking Haruna earlier this year after receiving a petition from the complainant, Alhaji Shanono, who claimed that his attempts to recover his money had failed.
The EFCC subsequently launched an inquiry that traced the money trail and discovered that the dollar transactions Haruna claimed to have made were fabricated.
A spokesperson for the EFCC’s Kaduna Zonal Command confirmed that Haruna was in custody before his arraignment and that investigations had been concluded before charges were filed.
“The commission has built a solid case based on documentary evidence, bank records, and witness statements. The alleged offence is serious, and we are confident that justice will be served,” the official said.
The EFCC added that cases like this reflect the agency’s determination to protect citizens from financial fraud and ensure that those who manipulate others under the guise of forex or business deals face the law.
With the next court date set for November 19, 2025, the court will first consider the bail application filed by Haruna’s lawyer. If bail is granted, he will be released under certain conditions pending the continuation of the trial. If denied, he will remain in custody while the prosecution presents its case.
Meanwhile, Alhaji Shanono, the alleged victim, has reportedly expressed confidence in the EFCC’s investigation and said he hopes the case will serve as a warning to others engaged in similar activities.