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Tag: EFCC

  • Ex-AMCON MD’s alleged N76b, $31.5m fraud trial: Court asks EFCC to disclose evidence

    Ex-AMCON MD’s alleged N76b, $31.5m fraud trial: Court asks EFCC to disclose evidence

    •Case adjourned till October 6

    Justice Rahman Oshodi of the Special Offences Court in Ikeja has adjourned the trial of former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, till October 6, 7, and 8.

    At the resumed proceedings yesterday, the court ordered the Economic and Financial Crimes Commission (EFCC) to serve both the defence and the court with key investigative documents.

    The documents include the E-statement of Keystone Bank and a report from the Central Bank of Nigeria (CBN).

    In a ruling, the trial judge mandated the prosecution to ensure full disclosure of evidence in the ongoing N20 billion fraud case.

    While the former AMCON boss pleaded not guilty to the charges, Sigma Golf, through its Chairman, Alhaji Umaru Hamidu Modibbo, entered a guilty plea under a plea bargain arrangement.

    Read Also: Agribusiness in Nigeria can drive innovation, job creation, says David Galadima

    Delivering judgment on the plea bargain, Justice Oshodi convicted the company and ordered the forfeiture of all its rights and interests in a unit of Keystone Bank’s shares to the Federal Government.

    Kuru was arraigned on February 11, this year, before the court.

    The EFCC charged him and four others with alleged fraud of N76 billion and $31.5 million before Justice Mojisola Dada.

    The other defendants are: former Receiver Manager of Arik Air Limited, Kamilu Omokide; the Chief Executive Officer of the airline, Capt. Roy Ilegbodu; Union Bank, and Super Bravo Limited.

    They are standing trial on a five-count charge that borders on theft, abuse of office, and dishonestly taking the property of another.

    Kuru was earlier standing trial on an amended six-count charge alongside Sigma Golf Nigeria Limited, now convicted after a plea bargain agreement.

  • EFCC boss warns of insider-aided cyberattacks on Nigerian banks

    EFCC boss warns of insider-aided cyberattacks on Nigerian banks

    The Chairman of the Economic and Financial Crimes Commission (EFCC), Barrister Ola Olukoyede, has raised concerns over a wave of sophisticated cyberattacks targeting Nigerian banks, revealing that insiders are collaborating with foreign hackers to siphon off billions of naira.

    Speaking on TVC News’ Journalists Hangout, Olukoyede disclosed that six commercial banks have been hit by coordinated cyber intrusions involving a syndicate of local and international criminals exploiting internal vulnerabilities.

    According to him, compromised bank employees have played a crucial role in granting unauthorized access to hackers operating from countries including the United States and Eastern Europe. 

    Once access is gained, the attackers swiftly transfer large sums of money within seconds.

    “These are highly coordinated attacks, and insiders play a critical role. In some cases, billions were moved in a matter of moments, but we were able to recover N9.7 billion, N6.7 billion, and N3.7 billion in three separate incidents,” Olukoyede revealed.

    He clarified that while the attacks are severe, the institutions themselves are not to blame. Rather, the breaches stem from actions of rogue staff.

    The EFCC boss urged bank executives to tighten internal security measures and launch thorough audits to prevent further breaches.

    “We’re managing public communication on this carefully to avoid widespread panic. But I assure Nigerians, we are on top of the situation,” he said.

    The anti-graft agency has also made progress in cracking down on digital fraud. Olukoyede revealed that significant sums linked to the CBEX Ponzi scheme were traced and recovered from cryptocurrency wallets.

    According to him, the fraudulent platform, which was fronted by well-educated Nigerians to appear credible, was in fact orchestrated by foreign operatives. 

    Victims’ funds were funneled into non-custodial wallets, complicating the traceability of transactions.

    “Some of these funds were routed to destinations in Eastern Europe and Cambodia, but we were able to freeze a number of the wallets before the funds could be fully laundered,” he disclosed.

    Investigations are ongoing, with the EFCC pledging to release a full report upon the conclusion of its probe.

    Read Also: Judge slams EFCC for breach of applicant’s rights

    In a separate development, the EFCC is investigating ex-militant leader, Chief Government Ekpemupolo, popularly known as Tompolo, following the circulation of a viral video allegedly showing him involved in naira abuse during his 54th birthday celebration.

    The video, which triggered widespread criticism, features a man spraying N1,000 notes on a dancing Tompolo. The EFCC chairman confirmed that Tompolo has been invited for questioning.

    “No one is above the law. However, we must allow due process. A forensic analysis of the video is underway, and we won’t draw conclusions until investigations are complete,” Olukoyede asserted.

    He referenced a similar case in which singer Babatunde Peter Olaitan, popularly known as Teee Dollar, and social media personality Tobilola Olamide, aka Tobi Nation, were each sentenced to six months in prison for spraying naira notes.

  • Judge slams EFCC for breach of applicant’s rights

    Judge slams EFCC for breach of applicant’s rights

    A High Court of the Federal Capital Territory has slammed the Economic and Financial Crimes Commission (EFCC) with a fine of N2 million in favour of Abubakar Ismaila Isa.

    Justice A. M. Abdullahi held that EFCC contravened Section 35(3) of the Constitution in the arrest, detention, and interrogation of the claimant.

    The sub-section provides: “Any person who is arrested or detained shall be informed in writing within 24 hours (and in a language that he understands) of the facts and grounds for his arrest or detention.”

    The judge restrained the commission, either by itself or its agents or privies, from harassing, threatening, arresting or detaining Isa without complying with the provisions of Section 35(3) of the Constitution.

    Justice A. M. Abdullahi delivered judgment in suit FCT/HC/GAR/CV/290/2024 between Ismaila Isa, EFCC and two others.

    Isa, through his counsel, Femi Atteh (SAN), had sued the EFCC Chairman, Mr. Olanipekun Olukoyede and Mr. Bawa Usman Kaltunga (Head of AMCON desk).

    He sought a declaration that his arrest, interrogation and the continued threat to arrest him without informing him, in writing, of the allegations against him within 24 hours is unconstitutional and violates his fundamental right as guaranteed by Section 35(3) of the 1999 Constitution.

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    Isa sought an order restraining the defendants either by themselves, officers, servants, agents, privies or any other person howsoever called and in whatsoever capacity from further violating his constitutional rights by further arresting or threatening to arrest, detain and/or arraign him without complying with the provision of Section 35(3) of the 1999 Constitution.

    He prayed for N100 million as general damages for the infringement on his fundamental right.

    Isa was represented by Mr. Emmanuel Hassan and Ubong Udoekpo.

    Last year, Justice M.O. Olajuwon of the Federal High Court, Abuja, in suit FHC/ABJ/CS/407/2024, between EFCC and Isa, had vacated an ex-parte order granted the commission ordering the freezing of Isa’s account.

    Justice Olajuwon held: “It is apparent that in obtaining the order of court, the applicant/respondent (EFCC) did not act in good faith and did not give full disclosure so this court could appropriately deal with its application.

    “The application under consideration (by Isa) also has merit…”

  • EFCC chairman gets Canadian High Commission’s recognition

    EFCC chairman gets Canadian High Commission’s recognition

    The Canadian High Commission in Nigeria has awarded the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, a Certificate of Recognition on May 21, 2025, for his outstanding contributions to combating transnational crime.

    The ceremony, in Abuja, was led by Canadian High Commissioner Pasquale Salvaggio, who praised Olukoyede’s leadership in tackling economic and financial crimes, vehicle trafficking, online exploitation, and drug smuggling.

    Salvaggio highlighted the EFCC’s pivotal role in disrupting cross-border criminal networks, particularly through initiatives like ‘Operation Hot Wheels,’ a joint effort with the Nigeria Customs Service that dismantled a major vehicle trafficking network.

    Since the Royal Canadian Mounted Police (RCMP) established its liaison office in Nigeria in 2021, collaboration with the EFCC has led to significant outcomes, including asset recovery, financial restitution, and joint investigations.

    Salvaggio emphasised that these partnerships underscore the borderless nature of crime and the need for global cooperation to enhance security and dismantle criminal enterprises.

    Read Also: Minister, EFCC chair inspect recovered Emefiele estate, begin redevelopment plans

    He said: “’Your tireless efforts in combating transnational crime, financial fraud, vehicle trafficking, online exploitation and drug smuggling have been instrumental in strengthening security and justice across our borders.’

    “Since the establishment of the Royal Canadian Mounted Police (RCMP), liaison office in Nigeria in 2021, our partnership with Nigerian law enforcement agencies has grown through vital intelligence exchanges, operational support, joint investigations and capacity building initiatives.

    “’These collective efforts underscore a simple truth: crime knows no borders, and neither should our pursuit for justice.  Canada deeply values its law enforcement partnerships with Nigeria and looks forward to deepening these collaborations to enhance global security, protect victims, and dismantle criminal enterprises that threaten our economies and communities.”

  • Minister, EFCC chair inspect recovered Emefiele estate, begin redevelopment plans

    Minister, EFCC chair inspect recovered Emefiele estate, begin redevelopment plans

    Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, and the chairman of the Economic and Financial Crime Commission (EFCC), Olanipekun Olukoyede, led a joint inspection of the 753-unit housing estate recovered from former Central Bank Governor (CBN), Godwin Emefiele, as the federal government prepares for a full technical evaluation and eventual completion of the project.

    The estate, located in Abuja, was recently handed over to the Ministry by the EFCC on the directive of President Bola Ahmed Tinubu.

    Speaking during the site visit, Dangiwa said the ministry would immediately begin structural integrity tests on all buildings and infrastructure to assess their readiness for safe habitation.

    He noted that the estate represents a major asset recovery milestone and will be repurposed to serve the public under the Renewed Hope Agenda.

    Read Also: EFCC hands over fraud-linked 753 Abuja duplexes to Housing Ministry

    “This is not just about taking over a property, it’s about putting it to work for Nigerians. We’re focused on making this estate habitable and useful as soon as possible,” he said.

    The minister added that following the technical assessment, the Ministry will proceed with necessary infrastructure work, including perimeter fencing, roads, drainage, and other essential amenities.

    EFCC chairman Olukoyede said the inspection was meant to demonstrate the transparency of the recovery process.

    “This is a clear message that looted assets will not just be recovered, they will be used to benefit the people,” he said.

    He explained that the visit marks a significant phase in the transformation of the recovered property into a national asset aligned with President Tinubu’s housing and anti-corruption priorities.

  • FG opens sale of Emefiele’s 753-unit housing estate

    FG opens sale of Emefiele’s 753-unit housing estate

    The Federal Ministry of Housing and Urban Development has officially taken over a 753-unit housing estate in Abuja, formerly linked to ex-Central Bank Governor Godwin Emefiele and recovered by the Economic and Financial Crimes Commission (EFCC).

    EFCC Chairman, Olanipekun Olukoyede, handed over the estate to the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, at the Ministry’s headquarters in Abuja.

    Describing the handover as a milestone in the fight against corruption, Dangiwa commended the EFCC for ensuring that public assets are recovered and redirected for the benefit of Nigerians. 

    “This estate marks a significant milestone in our collective determination to ensure that recovered assets are put to productive use,” he stated.

    He announced that the Ministry will embark on a joint inspection of the estate with the EFCC to assess its condition. 

    He said a structural and integrity tests will be conducted, followed by a technical evaluation to determine the cost of completing necessary infrastructure, including fencing, roads, drainage, police post, shopping areas, and recreational facilities.

    According to Dangiwa, the units will be offered for sale through a transparent and competitive process. 

    “For the public sale component, we will adopt a transparent and competitive process through nationwide advertisement and the Renewed Hope Housing Portal, while some units will be reserved for special government needs,” he said.

    The EFCC Chairman, Olukoyede, described the handover as proof of the Tinubu administration’s commitment to transparency in the management of recovered assets under the Renewed Hope Agenda. 

    Read Also: Alleged fraud: Court rejects EFCC’s additional proof of evidence against Emefiele

    “This property was forfeited after an investigation revealed that no one could have legitimately owned it. We must show Nigerians that proceeds of crime will not be looted again,” he said.

    He disclosed that the estate sits on 150,462.86 square meters of land in Lokogoma District, Abuja and houses hundreds of apartments. 

    He assured that the EFCC will continue to monitor the estate’s completion and ensure periodic reports are submitted to the President.

    Olukoyede thanked President Bola Tinubu and the judiciary for their support in the fight against corruption.

    The ceremony ended with the formal handover of documents from the EFCC Chairman to the Housing Minister.

  • EFCC hands over fraud-linked 753 Abuja duplexes to Housing Ministry

    EFCC hands over fraud-linked 753 Abuja duplexes to Housing Ministry

    The Economic and Financial Crimes Commission (EFCC) yesterday handed over the 753 units of houses linked to a former Central Bank of Nigeria (CBN) governor to the Federal Ministry of Housing and Urban Development.

    Following intelligence, the commission uncovered the housing units on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja.

    The property, measuring 150,500 square metres and containing 753 units of duplexes and other apartments, was recovered based on a final forfeiture order granted by Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court in Abuja on December 2, last year.

    Handing over the property, EFCC Executive Chairman Ola Olukoyede reiterated the commitment of the commission to accountable asset recovery and disposal modalities.

    Read Also: EFCC hands over 753 housing units seized from ex-CBN Gov to ministry

    He said such gestures are meant to “demonstrate to Nigerians that whatever proceeds of crime that we have recovered in the course of our work, the application of that will be made transparent to Nigerians so that we will not allow looted assets to be looted again”.

     A statement by the commission’s Head of Media and Publicity, Mr. Dele Oyewale, quoted Olukoyede as saying: “It is important for us to emphasise to Nigerians that the fight against corruption can work and we can really make it work. One of the key factors that actually propel the impact of the fight is the need for us to ensure that those who have stolen our commonwealth are not allowed to enjoy the proceeds of crime.

    “So, one of the critical factors of our works is that we deprive them of the proceeds of crimes.”

    The EFCC chairman lauded President Bola Ahmed Tinubu’s stance on the fight against corruption.

    He said the handover of the property signaled the government’s seriousness in the fight against economic and financial crimes and other acts of corruption.

    The handover took place at a brief ceremony at the ministry’s headquarters in Mabushi, Abuja.

    The Minister of Housing and Urban Development, Ahmed Dangiwa, praised the EFCC for its sustained commitment to asset recovery and anti-corruption.

    He said the handover was a “significant milestone in our collective efforts and determination to ensure that recovered assets are put to productive use in ways that directly benefits the Nigerian people”.

  • EFCC should investigate activities of Theobarth Global Foundation

    EFCC should investigate activities of Theobarth Global Foundation

    • By Chinonso Arinzechukwu

    Sir: In 2020, a non-governmental organisation called Theobarth Global Foundation announced its intention to assist people across Nigeria, particularly those in unfortunate circumstances. However, the organisation has been involved in troubling practices by requiring individuals to subscribe to its grant programme.

    The foundation claims that individuals can receive a grant of approximately N1.8 million if they register. To become a beneficiary, people are asked to pay a subscription fee, leading to inconsistencies in the amounts charged. Some individuals have reported being charged N48, 000, N50, 000, N100, 000, and even higher amounts.

    Reports indicate that Theobarth Global Foundation has scammed hundreds of individuals across Nigeria, failing to distribute any funds to beneficiaries for nearly five years. This situation has left many people disillusioned, with numerous victims losing significant sums of money.

    Despite its claims of collaboration with national, international, and multilateral organisations, as well as governments and private individuals to provide support and services to those in need, Theobarth Global Foundation continues to collect money from vulnerable Nigerians.

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    In 2024, the Economic and Financial Crimes Commission (EFCC) arrested Professor Theophilus Oloche Ebonyi for an investigation related to this matter. However, since that time, there has been no clear outcome. Whether he is guilty of fraud or not, Nigerians, particularly the victims, are desperate to know the status of the case. 

    We know that the EFCC is committed to protecting Nigerians from fraudsters and other criminal activities. We hope that the case involving Theobarth Global Foundation will be treated with the same urgency.

    We hereby bring this matter to your attention, as many individuals have unfortunately fallen prey to this organisation, hoping to receive financial aid to support their families. This distressing situation has persisted for years, with funds continuing to be collected without any actual disbursements.

    We urgently call for your immediate investigation into this serious matter. The organisation has repeatedly claimed that the Central Bank of Nigeria (CBN) is withholding the funds for disbursement, suggesting that this is part of Theobarth Global Foundation’s operations.

    We strongly urge the EFCC to conduct a thorough investigation to prevent further exploitation of innocent Nigerians.

    •Chinonso Arinzechukwu

     Awgu, Enugu State

  • EFCC hands over 753 housing units seized from ex-CBN Gov to ministry

    EFCC hands over 753 housing units seized from ex-CBN Gov to ministry

    The Economic and Financial Crimes Commission (EFCC) has handed over 753 units of houses, recovered from a former Governor of Central Bank of Nigeria (CBN) to the Federal Ministry of Housing and Urban Development. 

    Following intelligence,  the commission uncovered the housing units at  Plot 109 Cadastral Zone C09, Lokogoma District, Abuja.

    The property,  measuring 150,500 square metres and containing 753 Units of duplexes and other apartments,  was recovered based on a final forfeiture order granted by Justice Jude Onwuegbuzie of the Federal Capital Territory,  FCT, High Court Abuja  on December 2, 2024.

    While handing over the property, EFCC Chairman Ola Olukoyede reiterated the commitment of the commission to accountable asset recovery and disposal modalities.

    He said such gestures are meant  to “demonstrate to Nigerians that whatever proceeds of crime that we have recovered in the course of our work, the application of that will be made transparent to Nigerians so that we will not allow looted assets to be looted again”.

    Read Also: EFCC arrests 120 over ‘internet fraud’, seizes ‘26 exotic cars’ in Lagos

     A statement by the Head of Media and Publicity,  Mr. Dele Oyewale quoted him as saying: “It is important for us to emphasize to Nigerians that the fight against corruption can work and we can really make it work and one of the key factors that actually propels the impact of the fight is the need for us to ensure that those who have stolen our commonwealth are not allowed to enjoy the proceeds of crime. 

    “So one of the critical factors of our works is that we deprive them of the proceeds of crimes”

      He praised  President Bola Ahmed Tinubu’s stance on the fight against corruption.

    He said the handover of the property signaled the government’s seriousness to the fight against economic and financial crimes and other acts of corruption. 

      The handover took place in a brief ceremony  at the Ministry’s headquarters in Mabushi, Abuja.  

    The Minister of Housing and Urban Development, Ahmed Dangiwa, praised the EFCC for its sustained commitment to asset recovery and anti-corruption.  

    He said the handover was a “significant milestone in our collective efforts and determination to ensure that recovered assets are put to productive use in ways that directly benefits the Nigerian people”.

     Dangiwa assured that the Federal Ministry of Housing and Urban Development will conduct a joint familiarization tour of the estate, alongside  the EFCC  to properly access the structural state of the Estate.

  • OFFICIAL STATEMENT FROM ALSCON REGARDING EFCC INVESTIGATION

    OFFICIAL STATEMENT FROM ALSCON REGARDING EFCC INVESTIGATION

    ALSCON (Aluminum Smelter Company of Nigeria) wishes to address the ongoing investigation conducted by the Economic and Financial Crimes Commission of Nigeria (EFCC).

    It is important to clarify that the EFCC’s investigation commenced in 2021 and included an inspection of our facility in 2022. The investigation was resumed in October 2024.

    The focus of the EFCC’s inquiry pertains to funds invested by RUSAL in ALSCON since privatization in 2006, aimed at the development and commencement of production of the factory in 2008. Additionally, funds allocated since 2014 have been directed towards employee salaries, maintenance of the facility, and safeguarding it against vandalization following unilateral cessation of gas supplies by the Nigerian Gas Company. Unfortunately, these legitimate financial activities seem to have been misinterpreted by the EFCC as money laundering.

    Since the resumption of the investigation in October 2024, ALSCON management and employees have faced over 10 inquiries and requests for questioning. We believe that these actions may be perceived as targeted pressure on a foreign investor, which could adversely affect our operations in Nigeria. Furthermore, we regret to report that the Managing Director of ALSCON was detained on 15 May 2025, without any formal charges being filed against him or ALSCON. Unfortunately, this is not the first case of interference from law enforcement agencies over the years. Additionally, in March of this year, military actions severely disrupted ALSCON’s business operations.

    Read Also: ALSCON sponsors quiz competition for host communities

    It is crucial to understand that ALSCON operates within a legally and internationally recognized Economic Processing Zone in Nigeria. We are concerned that these actions represent undue pressure on ALSCON and RUSAL, as well as interference with our operations and the broader economic objectives of the Government of Nigeria, affecting its investment climate. In case of any actions aimed at challenging

    RUSAL’s rights, RUSAL is determined to defend its rights judicially in Nigeria and internationally.

    ALSCON remains committed to transparency and cooperation with regulatory authorities while advocating for fair treatment and respect for our rights as a foreign investor in Nigeria.

    RUSAL ALSCON Management