Alleged ₦2.04bn Fraud: Court reserves ruling on Ex-NRC finance directors bail

By Adebola Isimijola, Lagos

A Lagos State Special Offences Court sitting in Ikeja has fixed June 2, 2026, for ruling on the bail application filed by a former Director of Finance of the Nigerian Railway Corporation (NRC), Felix Njoku, who is facing trial over an alleged ₦2.04 billion money laundering case.

Justice Olubunmi Abike-Fadipe adjourned the matter after listening to arguments from both the defence and prosecution on Monday.

Njoku is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside two other officials of the NRC over alleged fraud, unlawful enrichment and money laundering involving billions of naira belonging to the corporation.

At the resumed proceedings, counsel to the first defendant, Mordecai Adejo, told the court that he had filed a motion for bail dated February 3, 2026.

According to him, the application was supported by a four-paragraph affidavit and a written address, which he adopted before the court as his argument.

The defence urged the court to admit the defendant to bail on liberal terms, maintaining that he would not jump trial or interfere with witnesses.

The prosecution, however, opposed the application and asked the court to take into consideration the nature of the allegations and circumstances surrounding the case.

Following submissions by both parties, Justice Abike-Fadipe reserved ruling on the bail application till June 2, 2026.

The EFCC had arraigned Njoku and the other defendants on a 17-count charge bordering on alleged money laundering, abuse of office and unlawful enrichment.

The anti-graft agency alleged that the defendants fraudulently diverted public funds and received huge sums from contractors linked to contracts awarded by the Nigerian Railway Corporation.

Njoku and the other defendants pleaded not guilty to the charges.