Two executives of the Covenant Fadama Multi-purpose Cooperative Society were re-arraigned before the Federal High Court in Jos, Plateau State, on Thursday, May 29, 2025, on charges of a ₦178.8 million investment fraud, according to an official statement released by the Economic and Financial Crimes Commission (EFCC) via its verified X (Twitter) handle.
The Allegations
The EFCC alleged that the cooperative society was operated as a fraudulent investment platform, where unsuspecting investors were lured with promises of high returns. Investigators claim that funds collected from members of the public were laundered through multiple accounts and withdrawn using proxies. Some of the proceeds were allegedly used to acquire properties in Jos and Kaduna.
Notable among the 23-count charge is Count 2, which alleges the transfer of ₦50 million into a microfinance bank account as proceeds of an unlawful act, contrary to Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2012. In Count 8, the defendants allegedly obtained ₦10 million from Reke Vida Ltd. under the false promise of a 10% monthly return on investment—an offense under the Advance Fee Fraud and Other Fraud-Related Offences Act, 2006.
Fraudulent investment cooperatives continue to exploit unsuspecting citizens under the guise of community empowerment.
What Happened in Court
Both defendants, Chairman Bishop Katung Jonas and Secretary Okewole Dayo, pleaded not guilty. Prosecution counsel Ibrahim Buba declared readiness to commence trial and informed the court that the EFCC had lined up witnesses for immediate hearing.
However, defence counsel J.J. Achi, representing the second defendant, sought an adjournment, citing a family medical emergency. Counsel for the first defendant, C.I. Nwogbo, also requested more time, having recently joined the case without access to Certified True Copies of the case file.
Justice Sharon Ishaya expressed frustration over the delays, noting that the prosecution was coming from Abuja, and expressed her disappointment over situations where counsel traveled such distances without making any progress.
The court was also informed that although the EFCC had originally listed 18 witnesses, two of them had died, and some were no longer reachable. The Commission hinted that it might change its list of witnesses.
What’s Next?
The trial is scheduled to continue on July 22 and 23, 2025, with the EFCC expected to begin calling witnesses. The prosecution may also formally seek to amend its witness list to accommodate the changes in availability. The court has signaled a firm stance against further delays.
