A dispute may be brewing between the Economic and Financial Crimes Commission (EFCC) and the Police over the custody of two suspects arrested in connection with a reported glitch involving a microfinance bank.
The suspects, Illesanmi Olaniyi and Ishola Maruf, were first arrested by operatives of the Force Intelligence Department (FID) in Abuja on March 17, 2024, and later granted administrative bail, which remains in effect.
Their lawyer, Khadijah Bayern, said two vehicles- a Toyota Hilux and a Toyota RAV4- along with documents, goods and other personal items were seized during the initial police investigation.
The seized items, she noted, were still in police custody, with a forfeiture case ongoing in court.
However, Bayern has petitioned the Attorney-General of the Federation (AGF), accusing the EFCC of re-arresting her clients on the same matter currently being handled by the police and already before a court.
In the petition titled Double Jeopardy and Intimidation, Bayern alleged that the suspects have been held in EFCC custody for over 12 days without bail.
She urged the AGF to intervene, saying multiple arrests by different agencies on the same issue could frustrate the legal process.
In a separate letter dated July 29, 2025, another lawyer representing the suspects also wrote to the Director of EFCC’s Special Duty Section 2 (SDC2), requesting flexibility in the bail conditions.
The counsel asked the Commission to accept civil servants on Grade Level 14 or 15 as sureties, instead of higher-level officers earlier required.
The letter also drew attention to the medical conditions of the suspects, claiming they suffer from a cardiovascular ailment that requires regular medical attention.
The legal team assured the EFCC of its cooperation with the ongoing investigation and urged the agency to consider the request in the interest of justice and fairness
As of press time, neither the EFCC nor the police had commented on the overlapping investigation or the suspects’ continued detention.
Digging deeper into its core function of preventing money laundering, the Economic and Financial Crimes Commission (EFCC) has identified real estate as an avenue for the diversion of stolen funds.
The anti-graft agency’s Chief Executive said yesterday that investigations have begun into the acquisition of estates across the country.
Ola Olukoyede said: “What we have been able to find out is that most of these estates are funded by civil servants who have stolen money.”
He spoke in Abuja at a “policy dialogue on critical issues affecting Nigeria’s real estate ecosystem”.
It was organised by an Abuja-based law firm, the Law Corridor.
Olukoyede said the commission had secured the forfeiture of 15 of such properties.
He said some of the civil servants abandon the properties when they no longer have access to illicit funds, with some buildings left uncompleted for as long as 20 years.
He called for the operationalisation of the Beneficial Ownership Register to provide information about those behind corporate entities and investments, particularly in real estate.
He said: “I have set up a team. We will start visiting all the housing estates, not just in Abuja, but across Nigeria. We want to know who owns what.
“It will shock you that some of these estates have been abandoned for between 10 and 20 years.
“They just take the construction to a certain level and abandon it, and nobody knows what is going on.
“What we have been able to find out is that most of these estates are funded by civil servants, who have stolen money.
“So, the moment they leave public service and the money is no longer coming, they abandon the estates.
“The developer will now begin to look for investors to support them in completing the projects.
“That is one of the things we have discovered in some of these abandoned estates, and we have taken steps to begin to move against some of those estates.
“In recent times, we have had cause to file for the forfeiture of about 15 of them. We have got orders of interim forfeiture,” the EFCC chairman said.
Olukoyede, along with Nigerian Bar Association (NBA) President Mazi Afam Osigwe (SAN) and the Bureau of Public Procurement (BPP) Director-General Dr. Adebowale Adedokun, called for reforms of land administration.
They blamed the current chaotic and archaic system for the real estate sector becoming a fertile field for money laundering activities.
The trio called for urgent reforms that will allow for closer scrutiny and the deployment of technologies for seamless transactions that will emphasise transparency and accountability on the part of players in the sector.
The event addressed three key thematic areas, including: “Tackling illegal property sales, fake developers and unlicensed agents; Investment compliance and anti-money laundering, and Access to legal remedies.”
Olukoyede added: “What we have discovered is that the issue of money laundering is very rampant among estate developers. It is extremely rampant.”
He underscored the difficulty in accessing cheap and low-interest funding, saying it accounts for why real estate becomes easy for people to launder stolen money.
“There is no one who will go to any bank in Nigeria today and borrow money to invest in real estate and make a profit.
“Real estate development takes time; sometimes you are on a project for five years.
“So, if you have gone to a bank to take a loan at over 30 per cent interest, how do you survive?” the EFCC Chair said.
He said money laundering will persist where the real estate sector is not well-regulated, with funds made available to investors at single-digit interest rates.
“Let the government set aside special funds for real estate, from which loans could be given at a single-digit interest rate.
“Government organisations like the Federal Mortgage Bank, Aso Savings and Loans should be made to play this role,” he said.
Olukoyede called for the adoption of an economic system that will de-emphasise cash transactions as a measure against corruption and money laundering activities.
He said: “A thousand EFCCs will not be able to scratch the surface of our corruption problem if we continue with our cash-based economy.
“We have to do something about this credit transactional system. We can’t move forward.
“We should look at countries where this system works and replicate it here.
“You want to buy a car, it is cash. You want a house, it is cash. Everything you do in Nigeria is by cash. We can’t build an economy that way. I once told them this at the National Assembly.”
He disclosed that some of those being investigated and prosecuted by the EFCC admitted to diverting public funds just because of societal pressure.
“Some will come to you and say: ‘Yes, I did it. There is no other way to pay my children’s school fees; there is no other way to survive. Please, I am at your mercy.’ At that point, the investigator will become helpless.”
He said he has encouraged his staff members to patronise the Credit Corporation, established by the Federal Government and urged all to take advantage of its services.
Olukoyede urged real estate developers to learn to play by the rules so as not to run afoul of the law and ensure they engage in due diligence to enable them to gather sufficient information about their clients and customers.
Osigwe, who identified the many anomalies in the sector, called for reforms to ensure enhanced regulation of the industry.
He noted, for instance, that it is only in the country that it requires the owner of a property to produce his or her certificate of occupancy (C of O) before the ownership of such property can be confirmed.
“I can sit down here and, with the payment of the appropriate fees, confirm the ownership of a property in the United Kingdom. But, I can’t do that here,” Osigwe said.
The NBA President noted that the current process of land and property administration is not only cumbersome but also archaic.
He advocated for the deployment of technologies to ensure a seamless and transparent system, arguing: “We must tell ourselves that the present system is not working and cannot work.”
Adedokun noted that public sector funding accounts for a greater percentage of housing estate projects being undertaken across the country.
He said that to curb money laundering in the sector, there is a need to address how public funds are being utilised to provide goods and services to the people.
The BPP boss stressed the need for accountability and transparency in the manner in which funds are sourced for real estate investments in the country.
He said: “What we are doing now in collaboration with the Corporate Affairs Commission (CAC) is to say that, if you are awarded a contract, we want to measure that contract with actual performance.
“What is to be done to prevent diversion of public funds is by tightening the procurement process and how projects are implemented, because the difference between the actual cost of the project is what leads to people having funds to launder.
“That difference that we cannot account for is what gives people funds to launder. Since they cannot store such funds in banks, they have to look at an alternative way to store the money.
“And today, because the real estate sector is poorly regulated, it is very easy for anyone to throw money into it.”
The Lagos Division of the Court of Appeal yesterday reinstated the interim forfeiture order obtained by the Economic and Financial Crimes Commission (EFCC) over 14 properties allegedly linked to former Kogi State Governor Yahaya Bello.
In a unanimous decision delivered virtually, the appellate court set aside an earlier ruling by the Federal High Court, which struck out the EFCC’s case, based on the constitutional immunity granted to a sitting governor.
Justice Yargata Nimpar, who delivered the lead judgment, with Justices Danlami Senchi and Paul Bassi concurring, ruled that the trial court erred by invoking Section 308 of the 1999 Constitution to halt the proceedings.
The judge held that immunity does not shield property suspected of being proceeds of a crime from investigation or preservation.
“The trial court erred in striking out the case rather than determining whether or not the properties should be finally forfeited,” she said.
The EFCC had obtained the interim forfeiture order in a judgment delivered by Justice Nicholas Oweibo of the Federal High Court in Lagos. The judge had allowed the anti-graft commission to temporarily seize the 14 properties located in Lagos, Abuja, and Dubai, United Arab Emirates (UAE).
The agency alleged that the assets were purchased with proceeds of unlawful activity and filed an ex parte motion seeking their forfeiture.
The court had also ordered the EFCC to publish the forfeiture notice in two national newspapers, inviting any interested party to show cause why the properties should not be permanently forfeited to the Federal Government.
The former governor, through his legal team, opposed the order, arguing that the properties were acquired before he assumed office and could not have been purchased with the state’s resources.
He also invoked Section 308 of the Constitution, claiming immunity from civil and criminal proceedings, and further argued that the Proceeds of Crime (Recovery and Management) Act, 2022, could not apply retrospectively.
His lawyers also cited a subsisting order of a Kogi State High Court restraining the EFCC from investigating the state’s accounts, and questioned the jurisdiction of the Federal High Court in Lagos.
The lawyers averred that the properties were located outside Lagos, while Bello resides in Lokoja.
But counsel to the EFCC, Rotimi Oyedepo (SAN), leading Bilkisu Buhari-Bala and Hanatu Kofanaisa, urged the appellate court to uphold the agency’s statutory mandate.
The lawyer argued that no Nigerian court had barred the commission from investigating suspected economic crimes.
He maintained that the luxury properties — including an apartment in the iconic Burj Khalifa in Dubai — were reasonably suspected to have been acquired with illicit funds.
The EFCC also sought the interim forfeiture of an additional N400 million linked to the same investigation.
Justice Oweibo had ruled that the court lacked jurisdiction and struck out the case based on Bello’s immunity. But the EFCC appealed the decision.
In its judgment, the Court of Appeal dismissed Bello’s preliminary objection, held that the immunity clause did not apply to property preservation proceedings.
It ordered the EFCC to proceed with the final forfeiture hearing.
…EFCC to probe all housing estate projects nationwide
…gets interim forfeiture orders on 15 so far
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede; the President of the Nigerian Bar Association (NBA), Afam Osigwe (SAN); and the Director-General of the Bureau of Public Procurement (BPP), Dr. Adebowale Adedokun, have linked the surge in money laundering activities in Nigeria’s real estate sector to the country’s chaotic and outdated land administration system.
The trio disclosed this on Wednesday during a policy dialogue on Nigeria’s real estate ecosystem, organised by Abuja-based law firm, The Law Corridor.
The event drew stakeholders from across the legal, regulatory, and real estate sectors to discuss reforms needed to sanitise the industry.
Speaking at the forum, Olukoyede said real estate had become a hotbed for money laundering, especially by unscrupulous estate developers.
“What we have discovered is that money laundering is extremely rampant among estate developers. The system allows it,” he said.
He blamed the lack of transparency, limited regulation, and difficulty in accessing legitimate, low-interest financing for the vulnerability of the sector to illicit financial flows.
NBA President Afam Osigwe (SAN) and BPP Director-General Dr. Adebowale Adedokun echoed similar concerns and jointly called for urgent reforms.
They advocated for the deployment of technology to ensure more transparent, traceable transactions and closer regulatory oversight to curb illegal property sales, unlicensed agents, and fake developers.
The dialogue centred on three thematic areas: tackling illegal property sales, enhancing compliance with anti-money laundering frameworks, and improving access to legal remedies for victims of fraudulent real estate practices.
Stakeholders concluded that unless Nigeria modernises its land and property administration systems, the real estate sector would continue to serve as a convenient vehicle for illicit financial activities.
“There is no one who will go to any bank in Nigeria today and borrow money to invest in real estate and make a profit.
“Real estate development takes time; sometimes you are on a project for five years. So, if you have gone to a bank to take a loan at over 30 per cent interest, how do you survive?” The EFCC Chair said.
He said money laundering will persist where the real estate sector is not well-regulated, with funds made available to investors at single-digit interest rates.
“Let the government set aside special funds for real estate, from which loans could be given at a single-digit interest rate. Government organisations like the Federal Mortgage Bank, Aso Savings and Loans should be made to play this role,” he said.
Olukoyede called for the adoption of an economic system that will de-emphasise cash transactions as a measure against corruption and money laundering activities.
He said, “A thousand EFCCs will not be able to scratch the surface of our corruption problem if we continue with our cash-based economy.
“We have to do something about this credit transactional system. We can’t move forward. We should look at countries where this system works and replicate it here.
“You want to buy a car, it is cash. You want a house, it is cash. Everything you do in Nigeria is by cash. We can’t build an economy that way. I once told them this at the National Assembly.”
He disclosed that some of those being investigated and prosecuted by the EFCC have, in some cases, admitted diverting public funds just because of societal pressure.
“Some (suspects) will come to you and say Yes, I did it. There is no other way to pay my children’s school fees; there is no other way to survive. Please, I am at your mercy. At that point, the investigator will become helpless.”
He said he has encouraged the staff of his agency to patronise the Credit Corporation, recently established by the Federal Government and urged all to take advantage of its services.
Olukoyede urged real estate developers to learn to play by the rules so as not to run afoul of the law and ensure they engage in due diligence to enable them to gather sufficient information about their clients and customers.
He called for the operationalisation of the Beneficial Ownership Register to provide information about those behind corporate entities and investments, particularly in real estate.
“I have set up a team. We will start visiting all the housing estates, not just in Abuja, but across Nigeria. We want to know who owns what.
“It will shock you that some of these estates have been abandoned for between 10 to 20 years. They just take the construction to a certain level and abandon it, and nobody knows what is going on.
“What we have been able to find out is that most of these estates are funded by civil servants, who have stolen money.
“So, the moment they leave public service and the money is no longer coming, they abandon the estates. The developer will now begin to look for investors to support them in completing the projects.
“That is one of the things we have discovered in some of these abandoned estates, and we have taken steps to begin to move against some of those estates.
“In recent times, we have had cause to file for the forfeiture of about 15 of them. We have got orders of interim forfeiture,” the EFCC Chair said.
Osigwe, who identified the many anomalies in the sector, called for reforms to ensure enhanced regulation of the industry.
He noted, for instance, that it is only in the country that it requires the owner of a property to produce his or her certificate of occupancy (C of O) before the ownership of such property can be confirmed.
“I can sit down here and, with the payment of the appropriate fees, confirm the ownership of a property in the United Kingdom. But, I can’t do that here,” Osigwe said.
The NBA President noted that the current process of land and property administration is not only cumbersome but also archaic.
He advocated for the deployment of technologies to ensure a seamless and transparent system, arguing, “We must tell ourselves that the present system is not working and cannot work.”
Adedokun noted that public sector funding accounts for a greater percentage of housing estate projects being undertaken across the country,
He said that to curb money laundering in the sector, there is a need to address how public funds are being utilised to provide goods and services to the people.
The BPP boss stressed the need for accountability and transparency in the manner funds are sourced for real estate investments in the country.
He said, “What we are doing now in collaboration with the Corporate Affairs Commission (CAC) is to say that, if you are awarded a contract, we want to measure that contract with actual performance.
“What is to be done to prevent diversion of public funds is by tightening the procurement process and how projects are implemented, because the difference between the actual costs of the project is what leads to people having funds to launder.
“That difference that we cannot account for is what gives people funds to launder. Since they cannot store such funds in banks, they have to look at an alternative way to store the money.
“And today, because the real estate sector is poorly regulated, it is very easy for anyone to throw money into it,” Adedokun said.
Nigeria’s fight against corruption faces a key hurdle: unexplained wealth. The EFCC is calling for a new law to hold public officials accountable for assets beyond their lawful income, but the bill remains stalled. ADEBISI ONANUGA, asks lawyers if a new law is needed to fight this financial crime.
The spectre of corruption continues to haunt Nigeria, gnawing at the core of its public institutions and economic integrity.
At the centre of this plague is the persistent issue of unexplained wealth: massive accumulations of assets by public officials and politically exposed persons (PEPs) that are glaringly disproportionate to their known and lawful income.
The Economic and Financial Crimes Commission (EFCC), the country’s premier anti-corruption agency, has, for over a year, mounted a spirited campaign to secure legislative backing for a law targeting unexplained wealth.
Despite multiple appeals to the National Assembly, the proposed Unexplained Wealth Bill remains in legislative limbo.
EFCC Chairman, Ola Olukoyede, recently renewed his call for the enactment of this crucial legislation.
He warned that Nigeria cannot win the war against corruption without empowering its institutions to hold public officials accountable for wealth that cannot be traced to legitimate sources.
His impassioned plea was made during the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.
He said: “Help me pass the Unexplained Wealth Bill. I have been begging for the past year.This same Bill was thrown out by the last Assembly.
“If we don’t make individuals accountable for what they have, we will never get it right.”
In this, legal luminaries weigh in on whether Nigeria truly needs a new law to tackle unexplained wealth, what such a law would entail, how it would interact with existing statutes, and whether it can realistically become an effective weapon in the anti-corruption arsenal.
EFCC’s frustration and legal limitations
Olukoyede laid bare the frustrations of anti-corruption enforcement in the country: the requirement to establish a “predicate offence” before assets can be seized or individuals charged with financial crimes.
A predicate offence is a specific crime, such as theft, fraud, or embezzlement, that must first be proven before any prosecution or asset recovery can begin.
In cases where a public official’s lifestyle and asset portfolio clearly exceed their lawful earnings, the absence of this predicate offence creates a legal deadlock.
Olukoyede provided a stark example: “Someone has worked in a ministry for 20 years. We calculate his entire salary and allowances,then we find five properties — two in Maitama, three in Asokoro.
“Yet, we’re told to go and prove a predicate offence before we can act. That is absurd.”
He argued that this legal bottleneck encourages corruption to thrive unchecked, especially when perpetrators can hide behind technicalities and exploit gaps in the law.
The term unexplained wealth
Unexplained wealth refers to assets or property that an individual holds which appear disproportionate to their lawful income and for which they cannot provide a satisfactory explanation.
This is widely considered a red flag for illicit activity, including corruption, money laundering, embezzlement, and other financial crimes.
Jurisdictions such as the United Kingdom, Australia, Ireland, Mauritius, and Kenya have implemented legal mechanisms such as Unexplained Wealth Orders (UWOs) to address this problem.
These laws shift the burden of proof to individuals to explain the source of their wealth, and in the absence of a credible explanation, permit the state to seize the assets in question.
The power of UWOs
The UK’s Criminal Finances Act of 2017 introduced UWOs, allowing law enforcement to compel individuals to account for assets that appear suspicious.
In Australia, unexplained wealth legislation forms part of the Proceeds of Crime Act, allowing confiscation of assets without requiring a criminal conviction.
Similar frameworks exist in Kenya under the Anti-Corruption and Economic Crimes Act, and in Mauritius via the Asset Recovery Act.
These frameworks have proven effective in placing high-profile suspects under scrutiny and recovering assets linked to illicit enrichment, even in cases where securing a criminal conviction would be difficult or time-consuming.
Also, these jurisdictions demonstrate that unexplained wealth laws are not merely theoretical but have achieved concrete results in tracing, freezing, and recovering illicit assets.
They offer models that Nigeria can study and adapt, tailoring thresholds, timeframes, and procedural safeguards to its constitutional and institutional realities.
Voices of the legal community: for and against
A cross-section of senior Nigerian legal minds offer their insights on whether such a law is necessary, and if so, how it should be crafted.
According to international law expert and forensic advocate Asiwaju Kunle Kalejaye (SAN), the EFCC Chairman’s call for a law on unexplained wealth is a most welcome development in Nigeria’s fight against corruption.
He emphasised that corruption in Nigeria is evolving rapidly and adopting more sophisticated camouflage.
Hence, anti-corruption efforts must be equally dynamic.
Kalejaye supports the proposed law, arguing that it would significantly strengthen Nigeria’s anti-corruption framework.
He believes that by shifting the burden of proof, public officers would be required to explain the sources of their wealth, which in turn would simplify prosecution and expose more sophisticated forms of corruption.
Beyond that, the law would promote greater accountability and transparency by compelling public officials to justify assets that exceed their legitimate income.
Kalejaye also stressed that such legislation aligns with global best practices, noting that many countries with successful anti-corruption records have already adopted similar measures.
Kalejaye, however, noted that the effectiveness of these laws varies, and some have faced challenges in implementation.
For instance, the UK’s UWO legislation has been criticised for its limitations, and there have been calls for reforms to make it more effective in tackling kleptocracy.
“Overall, a law on unexplained wealth could be a valuable addition to Nigeria’s anti-corruption framework, and it’s interesting to see the EFCC Chairman advocating for it,” he said.
He further stressed the importance of public education.
“A shift in the mental orientation of our people is also important.
“Whilst it’s important to have appropriate laws in place, the educative aspect of fighting corruption must be pursued to ensure a shift in cognitive perception.
“A society that worships wealth can only but make scapegoats of a few.”
Kalejaye advocated for the formation of anti-corruption clubs in secondary schools and universities to sensitise the youth.
“EFCC must endeavour to reach out to our youths who feed the system with leaders and work on their minds.
“I have not heard of anti-corruption clubs formed in our secondary schools and tertiary institutions.
“There must be a deliberate and systematic corralling of our young minds into the anticorruption war,” he said.
Holding public officers accountable is necessary
Senior Lawyer, Wale Taiwo (SAN), supported the EFCC’s call, arguing that Nigeria can only win the anti-corruption war with legal backing to hold public officers accountable for assets far beyond their legitimate earnings.
He said: “The optics of opulence displayed by public office holders strikes at the core of the government’s anti-corruption mantra.”
He cited the example of a government minister arriving in a Rolls-Royce, despite being in public service for over two decades.
He argued that since public office holders are barred from private enterprise while in office, their net worth should be easily traceable.
Taiwo emphasised that while probing unexplained wealth is necessary, such inquiries must operate within the boundaries of the constitution.
He cited Section 36(5) of the 1999 Constitution, which upholds the presumption of innocence and places the burden of proof on the prosecution.
He suggested that, pending new legislation, authorities should fully leverage existing mechanisms such as tax returns, asset declarations, and the mandatory use of BVN and NIN to trace financial flows.
Will the new law make a difference?
A senior advocate, Godwin Omoaka, offered a dissenting view.
He contended that Nigeria already possesses sufficient legal tools to tackle unexplained wealth, provided they are used effectively.
“I don’t think the law on unexplained wealth will make a significant difference.
“There are currently similar provisions of extant laws that impose an obligation on a defendant to prove that his or her income was earned legitimately if the prosecution can prove the wealth was illegally.”
According to him, what Nigeria needs is not more laws, but more political will.
He warned that without strong, independent institutions — especially within the judiciary, EFCC, and the police — any new legislation could simply become another dormant statute.
“We need strong institutions like the police, EFCC, and judiciary to play their part in tackling this endemic scourge. Otherwise, I am afraid we will continue moving in circles,” he argued.
A legislative imperative
Former NBA-SPIDEL Chair, Dr. Ubani, strongly supports the call for an unexplained wealth law, describing it as both “timely and necessary”.
He acknowledged that while existing laws such as the EFCC Act and the Money Laundering Act provide some support, significant legal and procedural gaps remain.
He advised that the new law must be drafted with care, ensuring that it is anchored in constitutional principles and legal safeguards, and will serve as a powerful tool in Nigeria’s anti-corruption arsenal.
It will help close existing legal loopholes, deter illicit enrichment, and promote greater accountability in public life.
‘Law will accelerate justice’
A former commissioner in the Ogun State Judicial Service Commission, Abayomi Omoyinmi, argued that such a law would streamline the prosecution of corruption cases.
By criminalising unexplained wealth, prosecutors would no longer need to tie asset recovery to another criminal act.
He added that this could lead to faster prosecutions, more plea bargains, and a reduced court docket.
Omoyinmi lamented that the mismanagement and illegal appropriation of public resources are so alarming that they leave citizens with no option but to promulgate a law to criminalise unexplained wealth “if the government is seriously interested in fighting corruption in all its ramifications.”
He added: “If individuals aren’t held accountable for suspicious assets, progress will remain elusive.
“Currently, the law requires proof of crimes like fraud or money laundering before seizing assets.
“But with a law against unexplained wealth, agencies could act without needing to prove those underlying crimes.”
Will the law be used or abused?
Even as the legal consensus leans toward enacting the law, questions remain about enforcement.
Will the law be implemented fairly, or wielded as a political tool? Will it empower whistle-blowers or further entrench elite impunity?
These concerns underscore the need for safeguards and robust oversight.
Critics warn that, unless properly monitored, such legislation could be used to target political opponents or suppress dissent.
Therefore, strong independent institutions, transparent enforcement mechanisms, and citizen engagement are essential.
The conversation around unexplained wealth is more than just a legal debate; it is a moral and institutional reckoning for Nigeria.
As public trust erodes and corruption continues to impede development, the country faces a stark choice: either strengthen the rule of law with bold legislative reforms or continue recycling the same patterns of impunity.
A well-crafted unexplained wealth law, combined with political will and public engagement, could signal a decisive shift in Nigeria’s anti-corruption journey. As EFCC Chairman, Olukoyede, reminds us: “If we don’t make individuals accountable for what they have, we’ll never get it right.”
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, is to deliver the keynote address at the Policy dialogue on critical issues affecting Nigeria’s real estate ecosystem.
The event, convened by Law Corridor, a leading Nigerian law firm, will take place on Wednesday, August 6, 2025, at the Abuja Continental Hotel, Abuja by 10 a.m.
The flagship dialogue, part of Law Corridor’s quarterly policy engagements, will bring together key stakeholders from the public and private sectors to discuss fraudulent practices plaguing the real estate industry.
Discussions will focus on tackling illegal property sales, unlicensed agents, fake developers, compliance challenges, anti-money laundering measures, and access to legal remedies.
Notable attendees include the acting Executive Secretary of the Federal Capital Development Authority (FCDA), Engr. Richard Yunana Dauda; Managing Partner of Omaplex Law Firm, Oyetola Muyiwa Atoyebi (SAN, FCIArb UK); Managing Partner of Afe Babalola & Co., Kehinde Ogunwumiju (OFR, SAN, FCIArb UK); and Director of the Special Control Unit Against Money Laundering (SCUML), Harry Erin, alongside other prominent industry players.
Organisers say a policy brief capturing insights, stakeholder recommendations, and a roadmap for reform will be published after the event and presented to relevant government ministries and agencies for implementation.
The anti-graft agency said it had arrested some suspects.
It said the suspects were using malware to gain unauthorised access to the account information of unsuspecting victims.
The commission, which gave the warning through its Head, Media and Publicity, Dele Oyewale, said the fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000.
The statement said: “The EFCC views with great concern a rising fraudulent scheme newly perfected by fraudsters to defraud Nigerians of their hard-earned money and considers it imperative to alert Nigerians to be wary of ubiquitous foreign airlines’ ticketing discount promos.
“The scheme involves the use of malware to gain unauthorised access to the account information of unsuspecting victims.
“Teasers like “Promo”, “Investment Windows” and other baits are usually employed to make their victims volunteer their account information through which fraudsters execute transactions on their behalf by sending their funds to accounts mainly in Fintech institutions.
“Through this access, fraudsters then control and launder the funds through purchase of crypto currencies.
“A case in point was a “Promo” offering the public 50% discount of ticket purchase in a leading foreign airline.
“Victims are led to pay a token of N500 into the account of the airline. The N500 payment, which is now dressed as Charity payment, is the leeway through which the fraudsters gain access to their victim’s personal information.
“The victims were deceived into downloading the App of the airline to be eligible for the discount.
“However, after downloading the App and gaining unauthorised access to their personal details, funds were moved from the victim’s bank account into an account in a microfinance bank.
The commission gave further details on how the suspects have been operating.
It said: “It is important to disclose that this fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000 to their victims to make them surrender a copy of their personal information details to them and sell the same information to some Fintech institutions for about N5000.
“These canvassers called themselves ‘Account Suppliers’ or ‘KYC Group’.
“Information available to the commission revealed that the actors are up to 12,000 all over the country, seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee.
“These information are then used to open accounts with Fintech companies for investment scam and sundry fraudulent schemes.”
Although the EFCC confirmed that it has arrested some suspects, it didn’t give details.
“The commission has made some arrests in this regard and recoveries of money lost to fraudulent promo actors and account suppliers are ongoing.
“Members of the public are enjoined to be wary of these actors and on no account should any Nigerian agree to be an Account Donor for any purpose as this is a threat to national security.
“The EFCC is committed to safeguarding the financial space of the nation in the overall interest of all Nigerians,” it added.
It said it has arrested some suspects using malware to gain unauthorized access to the account information of unsuspecting victims.
The commission, which gave the warning through its Head, Media and Publicity, Dele Oyewale, said the fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000.
The statement reads: “The EFCC views with great concern a rising fraudulent scheme newly perfected by fraudsters to defraud Nigerians of their hard-earned money and considers it imperative to alert Nigerians to be wary of ubiquitous foreign airlines’ ticketing discount promos.
“The scheme involves the use of malware to gain unauthorized access to the account information of unsuspecting victims. “Teasers like “ Promo”, “ Investment Windows” and other baits are usually employed to make their victims volunteer their account information through which fraudsters execute transactions on their behalf by sending their funds to accounts mainly in in Fintech Institutions. Through this access, fraudsters then control and launder the funds through purchase of crypto currencies.
“A case in point was a “Promo” offering the public 50% discount of ticket purchase in a leading foreign airline.
” Victims are led to pay a token of N500 into the account of the airline. The N500 payment which is now dressed as Charity payment is the leeway through which the fraudsters gain access to their victim’s personal information.
” The victims were deceived into downloading the App of the airline to be eligible for the discount. However, after downloading the App and gaining unauthorized access to their personal details, funds were moved from the victim’s bank account into an account in a Microfinance Bank.”
The commission gave further details on how the suspects have been operating.
It said: “It is important to disclose that this fraud scheme is largely driven by an army of young Nigerians offering a paltry payment of between N1500 and N2000 to their victims to make them surrender a copy of their personal information details to them and sell the same information to some Fintech Institutions for about N5000. “These canvassers called themselves “Account Suppliers” or “KYC Group”. “Information available to the commission revealed that the actors are up to 12000 all over the country seeking account donors that will surrender their NIN registration slip, BVN, passport photograph and other means of identification for a little fee. These information are then used to open accounts with Fintech companies for investment scam and sundry fraudulent schemes.
Although the EFCC confirmed that it has arrested some suspects, it didn’t give details.
“The commission has made some arrests in this regard and recoveries of money lost to fraudulent Promo actors and Account Suppliers are ongoing.
“Members of the public are enjoined to be wary of these actors and on no account should any Nigerian agree to be an Account Donor for any purpose as this is a threat to national security.
“The EFCC is committed to safeguarding the financial space of the nation in the overall interests of all Nigerians,” it added.
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for stronger collaboration with Designated Non-Financial Businesses and Professionals (DNFBPs) in the fight against money laundering and in addressing the vulnerabilities of key economic sectors to financial crimes.
According to a statement by the EFCC’s Head of Media and Publicity, Dele Oyewale, on Thursday, Olukoyede made the call during a one-day outreach programme for high-risk DNFBPs, organised by the EFCC at The Jagz Ibadan Hotel.
The event was themed: “Effective Implementation of AML/CFT/CPF Measures among DNFBPs in Nigeria.”
Olukoyede, who was represented by the Acting Director of the EFCC’s Ibadan Zonal Directorate, ACE I Hauwa Garba Ringim, commended the support of DNFBPs and other stakeholders in ensuring the effective implementation of Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing (AML/CFT/CPF) measures, as well as in the enforcement of relevant laws.
“Your presence here today signifies a more deliberate collaborative efforts and greater commitment towards effective implementation of the Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing measures and enforcement of the Money Laundering Law,” he said.
Pointing out that DNFBPs such as lawyers, real estate agents, accountants, and dealers in solid minerals and precious metals play a vital role in the nation’s economy, the EFCC boss added that these sectors and the professionals which are into legitimate businesses could be exploited by criminals to launder illicit funds.
He reiterated the need for DNFBPs to be more vigilant so as to protect their sectors from being used to launder illicit funds or become conduits for terrorism financing.
He said, “This is why compliance with the Special Control Unit Against Money Laundering, SCUML, is essential. It ensures that your businesses are not used as conduits for financial crimes. In the EFCC, we have ramped up our enforcement, outreach, and intelligence-sharing efforts.
“Our goal is simple: to strengthen compliance across high-risk sectors and protect the integrity of our economy. Our work is guided by international standards, particularly the Financial Action Task Force, FATF recommendations.”
He further noted that “Nigeria’s standing in the global financial system depends significantly on how well we implement the Anti-Money Laundering/Countering Financing of Terrorism/ and Countering the Proliferation Financing measures across both financial and non-financial sectors,” as non-compliance exposes the nation to grey-listing and international restrictions which hinders economic development.
“The legal framework for AML/CFT in Nigeria is primarily anchored on the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and other subsidiary regulations. These laws provide a strong foundation for identifying, tracking, and penalizing illicit financial activities.
The Money Laundering (Prevention and Prohibition) Act, 2022, has given the EFCC legal powers to run the SCUML Unit with full regulatory and enforcement powers and has created an administrative sanction regime which never existed in the repealed law, hence, SCUML is now given the power to sanction any deviating and non-compliant Designated Non-Financial Businesses and Professions (DNFBPs).
“The Economic and Financial Crimes Commission EFCC, as the designated financial intelligence and law enforcement agency, has the statutory responsibility to investigate and prosecute financial crimes including money laundering and terrorism financing.
“The Commission also plays a central role in policy enforcement through the Special Control Unit against Money Laundering, SCUML, ensuring that Designated Non-Financial Businesses and Professions adhere to preventive measures such as risk assessments, customer due diligence, and suspicious transaction reporting.”
Also, he said EFCC recognizes the need to strengthen capacity and deepen understanding across all sectors, especially among non-financial businesses.
“This engagement is a step in that direction, designed to empower you with the tools and knowledge required to detect and prevent financial crimes. Let us continue to strengthen our collective resolve. With your cooperation, Nigeria can rise above the threats of illicit finance and reclaim its credibility in the international financial space.
“I urge all participants to be partners in this fight. Anti-money laundering compliance is not just a legal requirement, it is a moral and patriotic duty. Dirty money only thrives in silent systems. When professionals speak up and follow the rules, crime dies in the dark,” he said.
He emphasized that all DNFBPs are expected to make their transactions open to its regulation through SCUML.
“One of the bases of supervising these businesses by SCUML is to check money laundering practices which seeks to prevent and prohibit any form of transaction considered suspicious by the regulatory authority and it is pertinent to state that the new money laundering Act is stiffer and may put many DFNBPs in trouble if not complied with.
“Let me assure you all that SCUML will continue to take all the DNFBPs through certain processes and procedures involving sensitization, guidance, warning, transactions check and monitoring. In other words, going to the businesses of DNFBPs and asking for certain information to put that business under a clear guide and watch to forestall possible abuse of that business to perpetrate money laundering,” he said.
The Head of SCUML, Ibadan Zonal Directorate of the EFCC, ACE11 Oluwatoyin Ehindero, who represented the EFCC Director of SCUML, DCE Harry Erin, in her remarks said the essence of the outreach, was essentially for the sensitization of high risk DNFBPs for “effective implementation of AML/CFT/CPF measures among DNFBPs in Nigeria,” adding that the EFCC and all relevant stakeholders are making deliberate efforts to ensure that Nigeria exits FATF Grey List.
“We need your sincere support to achieve the feat of winning the war against money laundering and financing of terrorism in the country. The EFCC, under the leadership of Ola Olukoyede, has left no stone unturned in the fight against money laundering and financing of terrorism. I want to implore us to do our best and do the right thing at all times,” she stated.
Real Estate Developers Association of Nigeria (REDAN), car dealers, estate surveyors, valuers, dealers in precious stones and metals and hoteliers, accountants and Gemstones Dealers Association were participants in the event.
The representative of REDAN, Olu Falodun who gave vote of thanks on behalf of the participants, appreciated the EFCC for the workshop, stating that it is an eye-opener on money laundering and terrorism financing. He observed that the cooperation of all stakeholders against money laundering was needed for Nigeria to exit FATF’s Grey List.
Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi on Wednesday struck out the N12.3 billion charge filed by the Economic and Financial Crimes Commission (EFCC) against the Chairman of Honeywell Group, Oba Otudeko, and three others.
The charge was withdrawn following submissions by EFCC counsel, Rotimi Oyedepo, SAN, who informed the court that the matter had been amicably resolved between the nominal complainant, First Bank of Nigeria, and the first defendant, Otudeko.
The EFCC had filed a 13-count charge (Suit No. FHC/L/20C/2025) against Otudeko, former First Bank Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and Anchorage Leisure Limited.
The prosecution alleged that the defendants conspired to fraudulently obtain N12.3 billion from First Bank by misrepresenting the funds as credit facilities requested by V-TECH Dynamic Links Ltd. and Stallion Nigeria Ltd.
At Wednesday’s proceedings, Otudeko’s counsel, Bode Olanipekun SAN, informed the court that all issues leading to the charge had been resolved.
Oyedepo, for the EFCC, confirmed that both parties had settled and that the resolution was formally communicated to the Attorney General of the Federation (AGF).
He referred to several correspondences between the parties and the AGF documenting the settlement terms. He also stated that the first defendant had fully repaid the funds at the heart of the matter.
“In the interest of justice and to prevent abuse of the court process, the Attorney General has decided to discontinue the prosecution,” Oyedepo said.
He further explained that after the charge was filed, the AGF received applications from the defence proposing an amicable resolution. This led to a meeting convened by the AGF with all parties.
According to him, in a letter dated July 16, 2025, First Bank formally withdrew its complaint, confirming that the matter had been settled. On the same date, Otudeko’s counsel also wrote to the AGF affirming the settlement. A follow-up letter from First Bank on July 21 reiterated that the parties had resolved their differences and requested that the charge not be pursued.
“Upon thorough review of the allegations, and considering that the depositor funds involved in the charge have been fully recovered and returned to First Bank’s treasury, the AGF decided—under Section 180 of the ACJA—to withdraw the charge,” Oyedepo submitted.
All defence counsel, including Adeyinka Olumide-Fusika (SAN) for Onasanya, Tunde Afe Babalola (SAN) for Akintayo, and Dr. Charles Adeogun-Phillips (SAN) for Anchorage Leisure Ltd., confirmed that the matter had been amicably resolved.
In a brief ruling, Justice Aneke struck out the charge.
Honeywell Group, in a statement signed by its General Counsel, Olasumbo Abolaji, welcomed the development, describing it as a reaffirmation of Dr. Otudeko’s integrity.
“Honeywell Group confirms that the legal proceedings initiated by the EFCC against our Chairman, Dr. Oba Otudeko, CFR, in connection with matters relating to First Holdco Plc, have been formally withdrawn.
“This development marks the closure of a chapter that, while challenging, never diminished our confidence in Dr. Otudeko’s integrity or our belief in the principles that have guided his life and leadership.
“At no point was there any finding or admission of wrongdoing, and this conclusion further affirms what we have always maintained — that this was a commercial transaction, investigated by the EFCC and resolved eight years ago.
“Dr. Otudeko’s service, enterprise, and nation-building record stand firm and unblemished. For over six decades, he has contributed significantly to Nigeria’s economic and institutional development, including distinguished tenures across banking, industry, and public service. His leadership of First Bank was marked by stability, stewardship, and strategic vision.”
The Group reaffirmed its commitment to creating value through enterprise in food, energy, infrastructure, and financial services.
