Nigeria, Dec. 3 -- The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned two businessmen, Fagite Oladipo and Raymond Akintayo, before the Federal High Court in Lagos over allegations that they fraudulently obtained and unlawfully converted N1.55 billion belonging to Ocean Lord Limited.

The defendants were arraigned alongside two companies, Cabota Power Company Limited and Cabota Group Limited, which the EFCC says were used to receive funds from Ocean Lord under the false claim that they held a valid licence to transact in foreign exchange.

EFCC prosecutor Suleiman Suleiman told the court that the commission had filed eight charges accusing the defendants of fraud, conspiracy and unlawful conversion of funds.

The de...