Businessman Testifies in Abuja Court Over Alleged ₦500m Bitter Kola Export Fraud

A businessman, Ikechukwu Chikelum, has told the Federal High Court in Abuja that he invested more than ₦500 million in an alleged bitter kola export scheme that failed to return either his capital or profits. Chikelum testified that he was introduced to the venture in 2023 and was shown company and export-related documents that convinced him to invest in bitter kola shipments allegedly bound for China and Hong Kong, as well as red kola nuts for Indonesia. He said he made several transfers through accounts provided by one of the defendants. The defendants, their companies and an alleged accomplice are facing EFCC charges involving obtaining by false pretence, conversion of funds and money laundering valued at ₦740 million. They have been accused, not convicted. According to the witness, investors received repeated assurances that shipments had arrived and payments would follow. After no returns were paid, he and other investors petitioned the EFCC. The court adjourned the case until November 3, 2026, for the continuation of cross-examination.

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