The Economic and Financial Crimes Commission has arraigned former Nigerian Railway Corporation Managing Director, Fidet Okhiria Edetanle, over alleged money laundering totaling $385,000 and N165.438 million.
The defendant was brought before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos, on Wednesday by the Lagos Zonal Directorate 1 of the anti-graft agency.
Prosecutors filed a seven-count charge against Edetanle, accusing him of abuse of office, unlawful enrichment, and laundering of public funds while serving as head of the railway corporation.
The charges were said to contravene provisions of the Criminal Law of Lagos State, 2011, particularly sections relating to fraudulent conversion, official corruption, and possession of proceeds of unlawful activities.
According to the prosecution, Edetanle allegedly transferred $205,000 from his domiciliary account with Access Bank Plc to an account in the Netherlands.
The receiving account, investigators said, belonged to Ehimen Richard Okhiria and was domiciled with ABN AMRO Bank in the Netherlands.
The anti-graft agency alleged that the funds were proceeds of unlawful activities traced to the defendant during his tenure as managing director.
In a separate count, the commission claimed he transferred an additional $40,000 after leaving office between October and November 2024.
That transaction, prosecutors maintained, was also routed from his Access Bank account to the same foreign account in the Netherlands.
The EFCC further alleged that the cumulative sums involved formed part of illicit financial flows under investigation.
Edetanle pleaded not guilty to all seven counts when they were read to him in open court.
Following the plea, prosecution counsel Abba Muhammad, SAN, asked the court to fix a trial date and remand the defendant in a correctional facility pending proceedings.
Defence counsel Adebowale Kamoru told the court he had just received the charge sheet and requested a short adjournment to enable him to file a bail application.
After hearing both sides, Justice Oshodi adjourned the case to May 13, 14, and 15, 2026, for the commencement of trial.
The court also ordered that the defendant be remanded in a maximum correctional facility pending the hearing and determination of his bail request.
