A Federal High Court in Lagos has adjourned the ongoing criminal trial of a British national, two Indian businessmen, and their companies accused of orchestrating a $42.48 million international trade fraud under the pretext of rice importation.
Justice Akintayo Aluko fixed January 27, 2026, for continuation of hearing after both the prosecution and defendants failed to appear in court.
The defendants — Marcus Wade, a British citizen and chairman of Wilben Trade Limited, Dubai; along with Indian nationals Prem Garg and Devashish Garg — are being prosecuted alongside Wilben Trade Limited and Agrico Agbe Limited, Nigeria, by the Office of the Attorney-General of the Federation (AGF).
According to the charge marked FHC/L/562C/2022, the defendants allegedly conspired in 2015 to obtain $42,485,900 under the pretext of using it for the purchase and importation of Indian parboiled rice into Nigeria. However, prosecutors allege that the funds were never used for the intended contract but were diverted for other purposes.
The alleged offences contravene Sections 421 and 422 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004.
At the last sitting, defence counsel A. Akinteye informed the court that the prosecution had requested an adjournment, explaining that the government’s lawyer was engaged at the Court of Appeal. Consequently, he applied for another date for continuation of the trial.
The case has experienced several adjournments since it was instituted, mainly due to the foreign defendants’ failure to appear in court.
During the proceedings, two lawyers — Ademola Abayomi and Victor Adunwa — representing Zenith Bank, Guaranty Trust Bank (GTB), and Citi Bank, told the court that none of the defendants or their companies maintained accounts with the listed financial institutions. Their statement followed a previous order directing the freezing of any accounts linked to the defendants.
The alleged fraud dates back to transactions carried out between May and September 2015, when the defendants purportedly entered into a rice importation contract but allegedly diverted the $42 million facility intended for the project.
The court has now adjourned the matter to January 27, 2026, with expectations that the defendants will be present to take their pleas.
