The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Thursday arraigned Abiodun Maccarthy before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos, on charges of stealing and forgery involving N423 million.
Maccarthy faces a four-count charge related to the alleged misappropriation of funds and forging a Polaris Bank fixed deposit certificate.
The charges stem from an incident in 2018, where Maccarthy, while employed by Great Endurance Bureau De Change, allegedly converted N423 million of a N650 million fixed deposit investment for personal use.
Additionally, he is accused of forging a Polaris Bank fixed deposit certificate to deceive the company.One count reads:
“Abiodun Maccarthy, sometime in 2018 at Lagos… dishonestly converted to your own use the sum of N423,000,000, money which forms part of N650,000,000 paid to you by Great Endurance Bureau De Change for fixed deposit investment with Polaris Bank.”
Another count states: “Abiodun Maccarthy… with intent to defraud, forged a Polaris Bank Plc fixed deposit investment certificate with slip no. 332540 and issued same to Great Endurance Bureau De Change as evidence of investment.”
Maccarthy pleaded “not guilty” to all charges. Prosecution counsel B.M. Isah requested a trial date and the defendant’s remand in a correctional facility.
Justice Dada adjourned the case to October 22, 2025, and ordered Maccarthy’s remand in a correctional center pending further proceedings.
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