EFCC Re-Arraigns Covenant Fadama Executives For Alleged ₦178m Fraud In Jos.
The Economic and Financial Crimes Commission (EFCC) on Thursday, 29 May 2025, re-arraigned two executives of the Covenant Fadama Multi-purpose Cooperative Society, Secretary Okewole Dayo and Chairman Bishop Katung Jonas, before Justice Sharon T. Ishaya at the Federal High Court in Jos, Plateau State. The duo face a 23-count charge involving conspiracy, obtaining money under false pretences, and money laundering amounting to ₦178,885,000, according to a statement from the EFCC.
Investigations by the EFCC revealed that the defendants allegedly established the cooperative society as a front to deceive unsuspecting investors into parting with substantial sums. The funds were reportedly laundered through multiple bank accounts, withdrawn via proxies, and used to acquire properties in Jos and Kaduna. One notable charge, Count 2, alleges that in 2012, Okewole and Jonas transferred ₦50,000,000 from the society’s First Bank account (2003050001625) to a Dadin Kowa Micro Finance account (2016452671), constituting proceeds of an unlawful act under Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2012.
Another charge, Count 8, states that the defendants fraudulently obtained ₦10,000,000 from Reke Vida Ltd in 2012 by falsely promising to invest the funds in the cooperative with a guaranteed 10% monthly dividend, an offence under Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. Both defendants pleaded not guilty to all charges.
Prosecution counsel Ibrahim Buba expressed readiness to proceed, noting that witnesses were prepared for the following day. “In view of the defendants’ not guilty pleas, we are ready to open our case and bring in our witnesses,” Buba told the court. However, the defence raised concerns about their ability to proceed immediately. J.J. Achi, counsel for Bishop Jonas, cited a personal emergency involving a critically ill family member requiring urgent attention. C.I. Nwogbo, representing Okewole, highlighted delays in receiving certified case documents and logistical challenges, as his client does not reside in Jos.
Justice Ishaya, acknowledging the need for a fair trial, expressed frustration over the delays, particularly given the prosecution’s travel from Abuja. She noted inefficiencies caused by unavailable witnesses, with the EFCC initially listing 18 but now facing issues as some are inaccessible and two are deceased. The court adjourned the case to 22 and 23 July 2025 for the continuation of the trial, allowing the defence time to prepare.
The EFCC’s case against the Covenant Fadama executives underscores its ongoing efforts to combat fraudulent schemes, with the agency also issuing a public alert on the same day about 58 illegal Ponzi scheme operators. As the trial progresses, it will shed further light on the alleged financial misconduct that has affected numerous investors in Plateau State and beyond.
