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  • EFCC seeks law to criminalise unexplained wealth

    EFCC seeks law to criminalise unexplained wealth

    • •Commission secures conviction of 146 foreigners for financial crimes
    • Tinubu determined to put Nigeria on right track, says Ribadu

    The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, yesterday sought the backing of the National Assembly to legislate against unexplained wealth.

    He said Nigeria cannot win the anti-corruption war without the legal backing to hold public officers accountable for assets far beyond their legitimate earnings.

    Olikoyede spoke at the National Conference on Public Accounts and Fiscal Governance organised by the Public Accounts Committees of the Senate and House of Representatives in Abuja.

    The EFCC chairman described the magnitude of public sector corruption as disturbing.

    “In the last three weeks, we started a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling.

    “And we have only just opened the books. So much more corruption is to be unraveled. If this is what we’re seeing at the surface, imagine what lies beneath,” he said.

    Olukoyede described fiscal rascality and mismanagement of public resources as a core driver of Nigeria’s economic woes and security challenges.

    “There is a strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, and terrorism, trace them back, and you will find a pattern of corrupt practices and diversion of funds that were meant to improve people’s lives,” he said.

    Read Also: EFCC raises alarm over financial opacity in oil, gas sector

    Olukoyede recounted how investigations into public officers’ acts of malfeasance were often stalled because the law still requires a “predicate offence” — a specific crime such as theft or fraud — before assets could be seized or charges filed.

    “Help me pass the Unexplained Wealth Bill. I’ve 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’ll never get it right.

    “Someone has worked in a ministry for 20 years. We calculate their 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 said.

    Olukoyede also said the EFCC secured the conviction of 146 out of 194 foreigners arrested for cybersecurity-related financial crimes in 2024.

    “Last year, we arrested about 194 foreigners who were involved in various forms of financial crimes and activities that are inimical to the economic growth and development of our country.

    “Today, I can tell you that we have succeeded in the prosecution and conviction of 146 of them. They will serve their jail terms and will be repatriated to their respective countries,” he said.

    Also, the National Security Adviser (NSA), Malam Nuhu Ribadu, has said President Bola Ahmed Tinubu is determined to put Nigeria on the right track of all-encompassing development, despite the antics of some politicians.

    He dismissed the ongoing coalitions of some politicians, saying Nigerians should not pay attention to their desperation.

    Ribadu spoke yesterday at the Abuja Continental Hotel during the opening ceremony of the International Cybersecurity Conference organised by the National Information Technology Development Agency (NITDA).

    The conference, with the theme: Cybersecurity, building a resilient digital future, was attended by the Chairman of the Senate Committee on Cybersecurity, Shuaibu Salihu; the Chairman of the House Committee on Cybersecurity, Stanley Adedeji; the United States Ambassador to Nigeria, Mr. Richards Mills; the Permanent Secretary in the Federal Ministry of Communications, Innovations and Digital Economy, Mr. Adeladan Rafiu; the National Commissioner of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, and the Managing Director of Galaxy Backbone limited, Prof. Ibrahim Adeyanju, among others.

    Ribadu said the Tinubu administration has committed huge investments into cybersecurity and other infrastructures.

    The NSA also told the private sector to continue to support government efforts to improve the economy.

    “We are a family: you in the private sector, we in the public sector. We are one. I want to urge you to continue to be there for us. Let’s work towards improvement for all of us.

    “Together, we are building a safer and more resilient digital Nigeria, one that can inspire confidence, drive innovation, and secure our future. The real people are doing the work, not the noise makers.

    “But we are not here to rest on our achievements. We are here because we understand that resilience is a journey, not a destination. That requires a whole of common and a whole of society approach,” he said.

    “Mobilising not just tools but people, processes, and relationships, every citizen has a role to play; every agency, every company, and every professional community.

    “We must move beyond awareness to action; beyond policy to implementation. Therefore, I challenge each one of you gathered here today: let this conference be more than another event in the calendar. Let it be a turning point. Let it be a moment we reaffirm our shared responsibility.”

  • EFCC seeks law to criminalise unexplained wealth

    EFCC seeks law to criminalise unexplained wealth

    The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Wednesday begged the National Assembly to urgently pass a law to criminalise unexplained wealth.

    He said Nigeria cannot win the anti-corruption war without legal backing to hold public officers accountable for assets far beyond their legitimate earnings.

    Speaking 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, Olukoyede described the magnitude of public sector corruption as disturbing.

    He also revealed that the EFCC had only just begun examining the books of the Nigerian National Petroleum Company (NNPC) Limited, and what had emerged so far was mind-boggling, yet only a fraction of the rot.

    “In the last three weeks, we started a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling.

    “And we have only just opened the books. So much more corruption is to be unravelled. If this is what we’re seeing at the surface, imagine what lies beneath,” he said.

    The EFCC Chairman said this discovery underscores how deeply embedded fiscal misgovernance is across the system, calling fiscal rascality and mismanagement of public resources a core driver of Nigeria’s economic woes and security challenges.

    “There is a very strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, terrorism, trace it back, and you will find a pattern of corrupt practices and diversion of funds that were meant to improve people’s lives,” he said.

    Olukoyede, who previously served as Secretary to the EFCC before his confirmation as Chairman, lamented the legal bottlenecks hindering the Commission’s ability to prosecute suspicious cases.

    He recounted how investigations into public officers often stall because the law still requires a “predicate offence” — a specific crime such as theft or fraud — before assets can be seized or charges filed.

    “Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they have, we’ll never get it right.

    “Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we found 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 said.

    The proposed legislation, he explained, would make it a strict liability offence for any individual to possess assets grossly beyond their known and legal income sources.

    “Once you are living beyond your means, you should be held to account. Until we do this, there will always be an escape route for the corrupt,” he said.

    Olukoyede painted a grim picture of the global dimensions of Nigeria’s looted wealth, revealing that the Commission is currently tracking illicit assets across multiple jurisdictions, from America and Turkey to the most unexpected locations like Iceland.

    “Last month alone, I visited four or five countries chasing Nigeria’s stolen assets. An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he said.

    The EFCC boss admitted that no anti-graft agency, no matter how efficient, can recover more than half of what has been looted.

    “There is no amount of capacity I can build, no level of effort I can put in, that will enable me to recover even half of what has been stolen from Nigeria because the custodians of those assets in foreign countries don’t want to let go. And they won’t,” he said.

    Olukoyede did not spare those foreign governments either. He called them out for enabling corruption by keeping stolen funds under various pretexts.

    He added that under international law, the custodian of stolen assets is just as guilty as the original thief.

    “I told them at the United Nations Forum last December that if you are holding onto Nigeria’s stolen assets, we see you as an accessory after the fact. They grumbled, but I didn’t care,” he said.

    The EFCC Chairman criticised the widespread culture of impunity in Nigeria’s public service, where those already under prosecution are often celebrated, and compliance with financial laws is flouted with impunity.

    “We are doing this work. We see people who have stolen our money. We have shown you evidence. We’ve traced where the money went. We are already in court. Yet, they’re being celebrated all over the place. Does that show we’re serious?” he asked.

    He said even calls for compliance are often met with subtle resistance, noting that over 700 federal Ministries, Departments, and Agencies (MDAs) continue to operate without adequate internal controls.

    He questioned the National Assembly’s capacity to oversee them all and called for structural reforms that can prevent leakages before they happen.

    “How many books can you check? How many files will you read? We need to build strong internal compliance systems that can proactively checkmate corruption,” he said.

    Olukoyede said that corruption is stalling Nigeria’s economic potential.

    He cited his own analysis, presented during his Senate confirmation, that showed 90% of stolen public funds in a single year ended up abroad.

    That money, he said, could have built hospitals, schools, and supported millions of Nigerian students from primary to tertiary level.

    Read Also: BREAKING: EFCC secures conviction of 146 foreigners for financial crimes

    “If we execute even 60% of our capital budget efficiently between 2025 and 2026, we will empower small and medium-scale industries. We’ll build infrastructure. We’ll be fine,” he said.

    He emphasized that Nigeria has no business borrowing to survive, given the natural and mineral wealth it possesses.

    “What we need is transparency in revenue generation and accountability in public expenditure,” he said.

    Olukoyede called on political leaders to unite across party and ethnic lines to confront corruption head-on, describing the current administration as Nigeria’s “last best chance” to get it right.

    “If we miss it under this administration, I pity Nigeria. Let’s put politics aside. Let’s put ethnicity aside. This is about rescuing the soul of Nigeria,” he said.

    He urged members of the National Assembly and the public to ignore the inevitable backlash from vested interests and social media trolls.

  • BREAKING: EFCC secures conviction of 146 foreigners for financial crimes

    BREAKING: EFCC secures conviction of 146 foreigners for financial crimes

    The Economic and Financial Crimes Commission (EFCC) has secured the conviction of 146 out of 194 foreigners arrested for cybersecurity attacks relating to financial crimes in the country. 

    “Last year, we arrested about 194 foreigners who were involved in various forms of financial crimes and activities that are inimical to the economic growth and development of our country. 

    “Today, I can tell you that we have succeeded in prosecution and conviction of 146 of them. They will serve their jail terms and will be repatriated to their respective countries, ” Olukoyede said. 

    He said majority of the foreigners posed as Nigerians with stolen identities to defraud unsuspecting individuals and institutions in the country, while Nigerians are being accused wrongly for such crimes. 

    The Chairman of the EFCC, Mr Ola Olukoyede disclosed this on Wednesday at the Abuja Continental Hotel during the opening ceremony of the International Cybersecurity Conference organised by the National Information Technology Development Agency, NITDA. 

    The Conference is being attended by the National Security Adviser, Malam Nuhu Ribadu, the Senate Committee Chairman on Cybersecurity, Senator Shuaibu Salihu, the Chairman House Committee on Cybersecurity, Mr Stanley Adedeji, the United States Ambassador to Nigeria, Mr Richards Mills, and the Permanent Secretary, Ministry of Communications, Innovations and Digital Economy, Mr Adeladan Rafiu, among others. 

    Read Also: EFCC raises alarm over financial opacity in oil, gas sector

    According to the EFCC Chairman, the 146 foreigners would serve their jail terms before being repatriated to their country. He praised the FBI, Interpol and other international security institutions for their support in ensuring successful prosecution of the cyber criminals. 

    Olukoyede said the EFCC would soon inaugurate a Cybersecurity Centre in its facility with the capability to detect and respond to Cybersecurity attacks within one hour, stressing that Cybersecurity attacks relating to financial crimes are becoming more organised across the world. 

    He said it had become imperative for security institutions and agencies as well as banks and regulatory bodies to collaborate to combat cyber crimes, saying the EFCC would soon Commission a 500-capacity  Research Centre for reformation and rehabilitation of convicted cyber criminals. 

    Details shortly…

  • EFCC raises alarm over financial opacity in oil, gas sector

    EFCC raises alarm over financial opacity in oil, gas sector

    Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised serious concerns over the persistent lack of transparency in Nigeria’s financial reporting system, particularly in the oil and gas sector, warning that the trend is undermining national development and eroding public trust.

    Speaking on Tuesday at a National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees (PACs) of the Senate and House of Representatives in Abuja, Olukoyede said speculative earnings, unverifiable transactions, and weak oversight in key sectors continue to fuel inefficiency and corruption in public finance.

    “Opaque financial reporting, especially in the oil and gas sector, where earnings remain speculative rather than factual, is one of the most disturbing vulnerabilities in our system. These weaknesses feed corruption and erode public trust,” he said.

    Represented by the Commission’s Director of Public Affairs, Wilson Uwujaren, the EFCC chairman also identified critical loopholes threatening Nigeria’s fiscal integrity. These include non-compliance with financial regulations, unauthorised spending, diversion of public funds, and budget padding for non-impactful projects.

    He further cited the abuse of government digital platforms such as the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Payroll and Personnel Information System (IPPIS), which he said have become conduits for payroll fraud in certain Ministries, Departments, and Agencies (MDAs).

    “Despite years of reforms and development plans, the gap between policy intent and public impact remains wide. We must move from paper reforms to institutional enforcement,” Olukoyede lamented.

    While reiterating the Commission’s core mandate of investigation and prosecution, Olukoyede said the EFCC is now equally focused on prevention.

    He revealed that in the past 18 months, the agency has taken strategic steps to strengthen internal controls across the public sector.

    Read Also: ‘N33.8b fraud’: Mamman accuses lawyer of misrepresenting his statement to EFCC

    Key among these efforts is the creation of a Fraud Risk Assessment and Control Department, tasked with identifying and sealing off fiscal loopholes in MDAs. Additionally, the Commission has enhanced its collaboration with both local and international enforcement bodies to curb illicit financial flows.

    On asset recovery, Olukoyede disclosed that the EFCC has returned trillions of naira in monetary assets to the national treasury, including what he described as “the largest real estate asset recovery in Nigeria’s history”, which was the 750 duplexes seized in Abuja.

    Funds recovered from various corruption cases, he noted, have been redirected into key national initiatives such as the Nigerian Education Loan Fund (NELFund) and the Consumer Credit Scheme (CREDICORP).

    The EFCC, he said, is also working with the Federal Ministry of Housing to convert seized properties into affordable housing for low-income Nigerians.

    Despite these achievements, Olukoyede emphasised that the real work lies ahead. He called for the institutionalisation of real-time digital budget and project tracking, public access to expenditure data, and a strengthened whistleblowing system.

    “We must close procurement and payroll loopholes through robust automation and active citizen participation. No system will work without the right people. That’s why we’re pushing for integrity testing for all public officers across MDAs,” he said.

    He added that sustainable development and fiscal transparency can only take root when Nigerians, from the highest levels of government to ordinary citizens, demand and practice accountability.

    In a pointed message to lawmakers, Olukoyede urged the National Assembly to lead by example.

    He said the EFCC had not received a single oversight report from the Public Accounts Committee of the National Assembly for further investigation.

    “Parliament cannot demand accountability if it doesn’t practice it. Fiscal integrity must be the norm in all organs of government. Legislators must embrace transparent appropriation and resist any actions that erode public trust.

    “There is also a need for greater synergy and collaboration between the Public Accounts Committee of the National Assembly and the EFCC. To the best of my knowledge, no report of the Committee’s oversight of MDAs has been forwarded to the EFCC for investigation. Leveraging the enforcement powers of the Commission will send a powerful message that the Public Accounts Committee’s work is not routine or toothless,” he said.

    Olukoyede made a passionate appeal for a national culture of accountability.

    “Let’s institutionalise transparency and make accountability a patriotic duty by enforcing the rules and regulations in our statutes. Together, we can make Nigeria a nation where fiscal governance delivers real value for real people,” he said.

  • EFCC, Emenike tangle

    EFCC, Emenike tangle

    There is no question that Nigeria’s Economic and Financial Crimes Commission (EFCC) has questions to answer concerning a property at 6 Aso Drive, Asokoro, Abuja, linked to former Petroleum Minister Diezani Alison-Madueke, which was forfeited to the Federal Government. Chief Ikechi Emenike, a former All Progressives Congress (APC) governorship candidate in Abia State, who was a paying tenant at the property, accused the EFCC of “impunity and lawlessness,” saying it forcibly took possession of the house and disobeyed a court order to vacate the property.

    The property was forfeited to the Federal Government as part of assets linked to Alison-Madueke, who faces multiple corruption allegations. The EFCC secured an interim forfeiture order in 2016 and a final forfeiture order in October 2023.  Emenike, a tenant since 2014, was paying rent to the EFCC’s appointed manager.

    Emenike alleged the EFCC acted with “impunity and lawlessness” by evicting him and ignoring court orders. Justice Musa Liman of the Federal High Court, Abuja, ruled on May 16, 2025, that Emenike be allowed access to the property, and also voided an ex-parte eviction order obtained by the EFCC on March 27, 2025, reportedly citing misrepresentation and lack of jurisdiction. Emenike’s legal team further claimed the EFCC obstructed court bailiffs, prompting motions for contempt against EFCC Chairman Ola Olukoyede and counsel Francis Usani.

    However, the EFCC denies disobeying any court order, asserting that “the court granted an order of possession of the property to the Commission on March 27, 2025.  Justice Liman granted the order when the Commission submitted that the property was proceeds of an unlawful act by a former Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, and forfeited to the government through an order of final forfeiture.”

    The anti-graft agency, on June 30, in a statement by its spokesperson, Dele Oyewale, also stated that “the Commission neither suppressed nor misrepresented any material fact before the court in securing an ex-parte order on March 27, 2025 to get a tenant in the house, Chief Ikechi Emenike to vacate the property.”  The agency acknowledged that “Emenike was paying rent on the property when it was under interim forfeiture.”

    Read Also: Lagos police arrest 52 suspected cultists, assure residents of safety

    According to Emenike, when the EFCC advertised properties in Abuja, Lagos and Rivers states for auction in 2022, the agency had used the same Abuja property “as a poster.” He said: “I had a meeting with the former EFCC Chairman (Mr Bawa) on the need to grant me the Right of First Refusal. He agreed but promised that they will get back to me after reevaluating the property.

    “While I was waiting for the Right of First Refusal, EFCC suddenly decided against their own law to appropriate the property to their chairman.”

    Emenike protested and went to court. He said: “Justice Musa in a subsisting (unappealed judgement) gave me the Right of First Refusal and told the EFCC that they have no legal right to keep any forfeited property to themselves for whatever use. In the same judgement, he told them that the only option the law gave them was to sell the property and remit the proceeds to the Federal Government’s Single Treasury Account. He ruled that as a sitting tenant, EFCC should give me the Right of First Refusal.

    “EFCC has not appealed the judgement and has also refused to give me the Right of First Refusal.”

     The EFCC claims he “was economical with the truths contained in the judgement of Justice Musa of April 18, 2024 where he clearly stated that Emenike should be allowed to ‘exercise the right of first refusal for the purchase of the said property whenever the Defendant announces or otherwise indicates that the property is to be disposed of, the disposal however to be at the prevailing market price to be determined by the Defendant upon a detailed valuation report from a reputable quantity surveyor.’ “

     The agency’s spokesperson added: “Till date, the Commission has not announced or indicated any readiness for the disposal of the property.  Emenike’s right of first refusal can, therefore, not hold any water.” This argument is convenient, as it allows the EFCC to indefinitely defer Emenike’s right of first refusal without a clear disposal timeline.

    Critical and inevitable questions arise: Why is the agency not ready for the sale of the property? Why is it delaying the disposal of the house? Is it true, as Emenike alleged, that EFCC wants to keep the property for its own use? Even by its own account, based on the court judgement it cited, the lawful course of action is to allow Emenike to “exercise the right of first refusal for the purchase of the said property.”

    The EFCC also stated that “there is no subsisting contempt order on its Executive Chairman, Mr Ola Olukoyede or its counsel in the matter, Mr. Francis Usani.  There was no order of the court served on the EFCC’s boss or his lawyer.” It added that “there is a pending Stay of Execution of the order of the court on June 16, 2025.”

    Notably, in 2022 when the agency publicly listed requirements for participation in its auction of forfeited properties across the country, it said the exercise was “open to members of the public with the exception of individuals/corporate entities who have been/or are being prosecuted by the EFCC; Directors of such companies and employees of the EFCC.”  

    It also said: “Individuals occupying any of the properties listed may be given the Right of First Refusal provided they have a valid tenancy agreement; have paid rent up to date and complete an Expression of Interest (EOI) Form which can be downloaded from the EFCC website.”

    These conditions are favourable to Emenike.  But the EFCC has to list the property at 6 Aso Drive, Asokoro, for sale. It is unclear why the EFCC has not put the property up for sale.

    The EFCC, tasked with enforcing Nigeria’s economic and financial crimes laws, investigates suspects but now finds itself under scrutiny over its handling of a forfeited property at 6 Aso Drive, Asokoro, Abuja – a striking irony.

  • ‘N33.8b fraud’: Mamman accuses lawyer of misrepresenting his statement to EFCC

    ‘N33.8b fraud’: Mamman accuses lawyer of misrepresenting his statement to EFCC

    A former Minister of Power, Saleh Mamman, has said his lawyer misrepresented him in the statements he made to the Economic and Financial Crimes Commission (EFCC).

    Mamman faces a 12-count charge over alleged money laundering connected with the Zungeru and Mambilla hydroelectric power projects.

    The EFCC is prosecuting the former minister over alleged conspiracy to launder N33.8 billion.

    Giving evidence as the first defence witness during a trial-within-trial on Wednesday, Mamman said he went to the EFCC’s office on February 20, 2025, with his lawyer, Mohammed Ahmed, when the commission’s prosecutors interviewed him.

    During cross-examination by prosecution lawyer, Rotimi Oyedepo, the former minister admitted that he authorised Ahmed to write his statements on his behalf.

    Read Also: EFCC arrests 34 suspected internet fraudsters in Ibadan

    But Mamman alleged that his lawyer fabricated some portions of the statement, saying he was not sure everything written reflected what he actually said.

    When asked to identify the fabricated portion of the statement from the exhibits, Mamman said he could not remember.

    The former minister acknowledged that at the time of his invitation, he was neither maltreated nor threatened with imprisonment by the EFCC officials.

    The presiding judge, James Omotosho, adjourned the matter till July 15 for the adoption of written addresses.

  • How N3.4b romance fraud syndicate operated, by EFCC witness

    How N3.4b romance fraud syndicate operated, by EFCC witness

    A Bureau De Change (BDC) operator, Al-Hassan Garba, has told the Federal High Court in Lagos how he converted cryptocurrency (USDT) into naira and paid the equivalent amounts into the bank account of Genting International Ltd.

    He testified in the ongoing trial involving former government official, Friday Audu, and three others over an alleged N3.4 billion cyber and romance fraud scheme.

    The Economic and Financial Crimes Commission (EFCC) arraigned Friday Audu, Huang Haoyu, An Hongxu, and Genting International Ltd on a 12-count charge bordering on cybercrime, money laundering, and illegal foreign exchange transactions.

    The defendants were allegedly part of a cyber-syndicate involving one Dualiang Pan (now at large), operating a network of over 792 members.

    The syndicate reportedly lured victims under false identities through online romance scams and other forms of cyber fraud.

    READ ALSO: Nigeria oil rigs increase to 44, says NUPRC

    The EFCC alleged that the defendants used Nigerian youths to impersonate foreign nationals and helped retain over $2.5 million in crypto wallets controlled by Chukwuemeka Okeke, Alhassan Garba, and Ifesinachi Jacobs—funds believed to be proceeds of fraud.

    The anti-graft agency said the defendants retained N3.4 billion in Genting International Ltd’s Union Bank account and transferred N106 million and N913 million to accounts belonging to Dualiang Pan at UBA.

    The EFCC also accused them of conducting illegal foreign exchange transactions totaling over N2 billion without routing them through the Central Bank of Nigeria (CBN), in violation of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.

    The defendants pleaded not guilty.

    Testifying before Justice Daniel Osiagor, Garba, who was led in evidence by EFCC counsel Rotimi Oyedepo (SAN), alongside Bilkisu Buhari-Bala and Hanatu Kofanaisa, explained the role he played in the alleged illicit financial activities of the defendants.

    Garba told the court that he had been a licensed BDC operator for over a decade, trading under the name Hugo.

    He confirmed knowing two of the defendants Mr. Ken, the first defendant, and Friday Audu, the second defendant, and stated that he also had business dealings with the fourth defendant, Genting International Ltd.

    According to him, Ken approached him in 2023 to convert cryptocurrency (specifically USDT) into naira, after which he was given the account details of Genting International Ltd to receive the naira equivalent.

    “USDT is a digital currency; it’s not physical. When they have USDT, I provide a wallet address for them to transfer it to, and I then credit the equivalent naira value into the account provided, always that of Genting International Ltd,” Garba testified.

    He further explained that the wallet is essentially a set of numbers associated with a digital account used for cryptocurrency transactions.

    He said these transactions, which became frequent from September 2024, often involved amounts ranging from N5 million to N10 million per day.

    When asked about his interaction with the EFCC, Garba confirmed that he was contacted during the course of the investigation.

    He also said that Friday Audu later reached out to him to ask if the EFCC had spoken with him.

    “He asked me what day they contacted me, and I told him Monday. He said he would extend his own response, but I told him I didn’t need any extension,” Garba recounted.

    The witness identified several large payments he made to Genting International Ltd, including N13 million on August 26, 2024, and N15.9 million on August 27, 2024.

    He also acknowledged that other transactions were carried out by his associates, including one Ifesinachi, who had access to the relevant wallets.

    He confirmed a N116 million transaction on September 1, 2024, and another on September 3, 2024, made by his brother, Sani.

    All payments were allegedly linked to the conversion of cryptocurrency for the defendants.

    When shown his previous statements to the EFCC dated January 6, 19, 20, 29; February 11; March 14; and April 4, Garba confirmed authorship.

    The court admitted the statements in evidence as Exhibits B1 to B8 without objection.

    Justice Osiagor adjourned till July 4, 2024.

  • Court declines EFCC’s plea to cross-examine witness in Bello’s trial

    Court declines EFCC’s plea to cross-examine witness in Bello’s trial

    A Federal High Court in Abuja has declined a request by the Economic and Financial Crimes Commission (EFCC) to cross-examine its witness in the ongoing trial of former Kogi State Governor Yahaya Bello for alleged money laundering.

    In a ruling yesterday, Justice Emeka Nwite held that there was no legal provision that allowed the court to permit the prosecution to re-examine its witness in the manner proposed by the anti-graft agency’s lawyer, Kemi Pinheiro (SAN).

    Justice Nwite said: “I must agree with the learned counsel to the defendant that the EFCC can only cross-examine its witness after it has declared such a witness hostile. The argument of the learned counsel to the prosecution is misconceived.

    “This honourable court is not shutting the prosecution from re-examining the witness but must restrict itself to pages 1, 14 and 15 of Exhibit 19 where issues were addressed by the defence.

    “The prosecution is not allowed to re-examine the witness outside the pages prescribed.”

    The witness, Nicholas Ojehomon, said to be an Internal Auditor at the American International School, Abuja (AISA), is the third prosecution witness. He had, at the last hearing, said there was no wire transfer of fees from the Kogi State Government or any of the local governments in the state to the account of the school.

    Under cross-examination by the defence, Ojehomon was made to read out a part of an earlier judgment by a High Court of the Federal Capital Territory (FCT) where the court held, among others, that there was no court order for AISA to return the fees paid for Bello’s children to the EFCC.

    The court averred that there was no judgment declaring the money as proceeds of money laundering.

    Read Also: Nigeria opens door to new economy as Tinubu signs landmark tax reform laws

    During yesterday’s proceedings, the prosecution called another witness, Mshelia Arhyel Bata, a Compliance Officer with Zenith Bank.

    Bata, who was subpoenaed, confirmed that certificates of identification were attached to the statements of accounts provided by the bank in the seven sets of documents presented, as requested in a subpoena.

    The court admitted the statements of account of the Kogi State Government House Administration and six others as exhibits.

    The witness told the court the withdrawal limits allowed for individuals, corporate organisations, and government, adding that before the cashless policy, it was pegged at N10 million for government and N500,000 for individuals.

    Pinheiro drew the witness’e attention to the transaction of May 23, 2016 on one of the statements of account, which was a transaction under the name Abdulsalami Hudu.

    Upon request by Pinheiro that he explain the transaction, the witness said: “It is a cash withdrawal of N10 million under the then maximum threshold allowed for cheque withdrawal per transaction.”

    Bata said there were nine cash transactions on the same date.

    On the credit transactions of January 30, 2018 the witness confirmed that there were 10 separate credit transactions of various sums, totalling N1.092 billion.

    When asked to mention the total amount of withdrawals, the defence lawyer, Joseph Daudu (SAN) and told the court that the prosecuting lawyer knew that the transactions were for a security vote.

    The witness aggregated the total amount of withdrawals to N1.968 billion, saying they were on different dates.

    He also read out the inflow and outflow between the second of May 2018, and May 19, 2018.

    After the conclusion of the prosecuting lawyer’s examination of the witness, Justice Nwite adjourned till today for the defence lawyer to cross-examine the witness.

  • EFCC arrests 34 suspected internet fraudsters in Ibadan

    EFCC arrests 34 suspected internet fraudsters in Ibadan

    Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested 34 suspected internet fraudsters.

    According to the Head, Media & Publicity, Dele Oyewale, the alleged fraudsters were arrested in the early hours of Monday at Iworoko and Ijado areas of Ado-Ekiti, Ekiti state following credible intelligence about their suspected fraudulent activities.

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    He said items recovered from the suspects include 11 exotic cars, laptops, several mobile phones, and incriminating documents among others.

    He added that the suspects will be charged to court when investigations are concluded.

  • Ex-NNPCL CFO denies arrest by EFCC

    Ex-NNPCL CFO denies arrest by EFCC

    • ‘I voluntarily presented myself to commission’

    A former Chief Finance Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Alhaji Umar Ajiyia Isa, has refuted reports that he was arrested by the Economic and Financial Crimes Commission (EFCC) over an alleged $7.2 billion fraud linked to the Warri and Port Harcourt refineries.

    In a statement yesterday in Abuja, Isa described the claims of his arrest as false and misleading.

    The ex-NNPCL chief explained that he voluntarily presented himself to the EFCC for questioning and was not arrested or detained.

    “The claim that operatives of the EFCC arrested me on Monday over fraud is false. I personally submitted myself to the commission, and at no time was I arrested in relation to any alleged $7.2 billion transaction,” he said.

    Isa stressed that after honouring the EFCC’s invitation, he was allowed to return home.

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    The former NNPCL chief expressed concern over what he called attempts by certain individuals to tarnish his reputation through the spread of misinformation.

    “I served at NNPCL and I left with my integrity intact. Nobody has accused me of fraud throughout my career at the company. Those pushing this false narrative want to smear my name,” he said.

    He reaffirmed his willingness to cooperate with the anti-graft agency whenever necessary.

    “I am in this country, and any day or time the EFCC requires my presence, I will be there,” Isa added.