EFCC re-arraigns Fadama cooperative society leaders over alleged N178m fraud

The Economic and Financial Crimes Commission (EFCC) on Thursday, May 29, 2025, brought fresh charges against two senior members of the Covenant Fadama Multi-purpose Cooperative Society.

Secretary Okewole Dayo and Chairman Bishop Katung Jonas were re-arraigned before Justice Sharon T. Ishaya at the Federal High Court in Jos, Plateau State.

The pair face a 23-count indictment involving conspiracy, fraudulent collection of funds under false pretenses, and laundering approximately ₦178.8 million.

In a statement issued by the EFCC, investigators alleged that the accused established the cooperative society as a front to solicit investments from unsuspecting individuals.

“The funds were then laundered through multiple bank accounts and withdrawn using proxies. The proceeds were allegedly used to acquire properties in Jos and Kaduna,” the EFCC said.

According to the charge sheet, Count 2 reads:
“That you, OKEWOLE DAYO (Alias OKEWOLE DAVID DAYO) and BISHOP KATUNG JONAS, being Secretary and Chairman of Covenant Fadama Cooperative Society, sometime in 2012 within the jurisdiction of this Honourable Court, did knowingly transfer the sum of ₦50,000,000 (Fifty Million Naira) from Covenant Fadama Cooperative Society’s First Bank Account number 2003050001625 into Dadin Kowa Micro Finance Account, First Bank Account number 2016452671, which sum represents proceeds of unlawful act and thereby committed an offence contrary to Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2012 and punishable under Section 15(3) of the same Act.”

Count 8 states:
“That you, OKEWOLE DAYO (Alias OKEWOLE DAVID DAYO) and BISHOP KATUNG JONAS, being Secretary and Chairman of Covenant Fadama Cooperative Society, sometime in 2012 within the jurisdiction of this Honourable Court, did, with intent to defraud, obtain the sum of ₦10,000,000 (Ten Million Naira) from Reke Vida Ltd under the false pretence that you were going to invest the money in Covenant Fadama Cooperative Society as members and pay a monthly 10% dividend as return on investment, which you knew to be false, thereby committing an offence contrary to Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.”

Both defendants entered not guilty pleas when the charges were read out in court.
Prosecuting counsel Ibrahim Buba indicated the EFCC’s readiness to proceed without delay.
“In view of the defendants’ not guilty pleas, we are ready to open our case and bring in our witnesses. We already have a date fixed for tomorrow, my Lord,” he said.

However, defence lawyers raised issues preventing them from continuing with the hearing.
J.J. Achi, representing the second defendant, cited a personal emergency.
“My Lord, my brother is critically ill and was brought from Kaduna. He is to be moved into theatre, and my attention is urgently required,” he explained.

Counsel for the first defendant, C.I. Nwogbo, pointed to procedural delays.

“I just recently joined the case and applied for the Certified True Copies of documents attached to the proof of evidence on April 2. I’ve not received them yet, and there are logistical issues with my client who does not reside in Jos,” he said.

Justice Ishaya expressed frustration over the postponements and their implications.
“The prosecution is coming all the way from Abuja. I do not appreciate a situation where counsel travels such a distance without making any progress,” she said.

She then inquired about the number of witnesses to be presented.
Buba responded: “We initially had 18 witnesses on our list, but due to the passage of time, some are now inaccessible and two are deceased. There may be a need to add new witnesses.”

Following the submissions, the court adjourned proceedings to July 22 and 23, 2025, for continuation of trial.