The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, has arraigned Iwunze Ikechukwu Favour before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja on a one-count charge of theft involving the sum of N208,384,000.

The defendant is accused of dishonestly stealing and converting groceries and household goods valued at N208,384,000, property of Ogechi Okorie and G-Chinodan Ltd, for his personal use between January and December 2024.

According to the charge sheet presented in court on Thursday, July 31, 2025: "That you, Iwunze Ikechukwu Favour, sometime between January and December 2024, in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, stole and converted to your personal use the sum of N208,384,000.00 (Two Hundred and Eight Million, Three Hundred and Eighty-Four Thousand Naira), being the value of several groceries and household items, property of Ogechi Okorie and G-Chinodan Ltd, and thereby committed an offence of stealing, contrary to and punishable under Sections 280 and 287 of the Criminal Law of Lagos State, 2015."

The defendant pleaded not guilty to the charge when it was read to him.

Following the plea, prosecution counsel A.A. Usman requested a trial date and urged the court to remand the defendant in a correctional facility pending trial. In response, defence counsel N.M. Abraham informed the court of a pending bail application and subsequently moved the motion for his client's release.

After considering the arguments, Justice Dada granted the defendant bail in the sum of N10,000,000 with two sureties in like sum. The court stipulated that one of the sureties must commit to placing a lien on their bank account. Additionally, the court ordered that the defendant deposit his international passport with the court registrar.

The matter was adjourned to October 30, 2025, for the commencement of trial. Meanwhile, the defendant was ordered to be remanded in a correctional centre pending the fulfilment of his bail conditions.

This case highlights the EFCC's ongoing efforts to combat financial crimes in Lagos State, particularly those involving substantial monetary values that impact businesses and individuals.

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