Tag: EFCC

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, yesterday said that the commission was not established for political vendetta.

He also said there is no link between the investigation of former Delta State Governor  Ifeanyi Okowa and his defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

Olukoyede refuted the allegation that EFCC was being used to blackmail opposition figures to join the ruling party.

The chairman, who spoke on television last night, said  the commission has focused on anti-graft war, assuring that there would be no deviation.

He said: “We have used the instrumentality of the work to stimulate the economy. We looked inwards to see areas to firm up.

“It is important for me and my colleagues in the EFCC that if we’re going to fight corruption, we will fight it with integrity. We have been able to do away with about 27 bad eggs, who do not fit into the system.

“I’m very sure that Nigerians will attest to the fact that politics has not been introduced into the mandate of EFCC.

READ ALSO: CBEX tragedy

“Yes, people will read the meaning of whatever you do.  I am not a politician; and as far as I know, no member of my operative is deeply involved in politics.

“So, we do our work in line with our mandate, which is investigating anyone involved in financial crimes.

“And if such people are found culpable or if we are able to establish a case against you, we go on.  I can tell you that we have stayed within that mandate.

On allegation of using EFCC to hound the opposition figures to force them to join the ruling party, he said: “You’ll agree with me that I have not been appointed as chairman of any political party.

“If Nigerians will be fair to us, and check our high profile cases, perhaps, you might find prominent members of the ruling party. My mandate is: if I discovered or it is alleged you have stolen money, you’ll have a case to answer.

 Olukorede said EFCC never blackmailed Okowa, adding: “Politics has not been introduced into our mandate.

He stressed: “Investigation has since begun into his case. Like I told you, we are driven by principles of our mandate.

“Nigerians should also know that we have had cause to investigate and prosecute prominent members of the ruling party.

“It is not our mandate to make anyone join any political party, as I am neither a secretary nor chairman of any political party.

Olukoyede wondered why the case involving Okowa was singled out, saying that it is strange.

He said: “I don’t understand why a case of a past governor should be singled out. Is that the only ex-governor we have invited for investigations since my assumption of office?”

The EFCC boss said President Bola Ahmed Tinubu is more interested fulfilling the commission’s mandate rather than influencing its operations.

He stressed: “Nigerians should appreciate Mr. President.  Anyone who works closely with Mr. President will know that he is interested in your work.

“The body language of President Tinubu is how has your work enhanced the economy and to ensure we deliver on our mandate.

“Those close to him will tell you that he doesn’t want to hear anything except your performance. The kind of Mr. President we have doesn’t have time to interfere in any case.”

On the ex-National Health Insurance Scheme (NHIS) chief, Usman Yusuf, who alleged that the ruling party was using the commission to silence him, Olukorede said: “His case didn’t start under this current government. His case file has been there.

“Nigerians will agree with me that I promised I was going to review some cases. And that is exactly what I’m doing.”

Justice Olubusola Okunuga of an Ikeja Special Offences Court on Wednesday sentenced one Abubakar Sani to one year imprisonment for fraudulent conversion of N1,133,808,604.31.

Justice Okunuga convicted Sani following his guilty plea.

The convict was arraigned before the court on amended information dated April 30, 2025.

Justice Okunuga, in her judgement said she had considered that the defendant is a first time offender and did not waste the time of the court.

“The defendant, having pleaded guilty to the amended information and admitting the review of facts and exhibits tendered by the prosecutor, is hereby convicted and sentenced to one year imprisonment with an option of N1 million fine.

The judge ordered that the convict shall forfeit the money found in his Access and Keystone bank accounts to the federal government of Nigeria.

During the review of facts and sentencing, the Economic and Financial Crimes Commission (EFCC) prosecuting counsel, Fanen Anum told the court that sometime in July, 2024, the commission received a written Petition from Lotus Bank alleging some fraudulent acts from about 718 customers who took undue advantage of the malfunction of the bank’s E-bill pay platform to make fraudulent and illegal transfers.

“The bank, as a result, lost over N1,133,808,604.31 to these multiple transfers to other financial institutions beyond the balances in their respective accounts,” Fanen added.

Read Also: Lawyer writes IG, accuses SAN of criminal conversion, sale of assets

Fanen also told the court that the defendant benefited the sum of N16,684,018:00 some of  which he transferred to his brothers   account in Access bank.

“My Lord the sum of N4,182,406.54 was traced to the Access bank account number 1623542076 of Usman Sani,  the elder brother of the defendant and also the sum of N1,099,485.18 was traced to the Keystone Bank account of the defendant with account number 6038086328 with the name Abubakar Sani which were  also frozen in the cause of investigation”

The EFCC prosecutor tendered in evidence the extrajudicial statement of the defendant, the Access bank statement of his elder brother and the Keystone bank account statement of the defendant as exhibits to support his review of facts.

The defense counsel, Ogunlaye, did not object.

The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians that unchecked greed could leave them vulnerable to Ponzi scheme operators.

In a terse advisory posted on its official X handle on Saturday, the anti-graft agency warned: “Love money too much, and Ponzi schemes will love you… as their next target. Be guided, the Eagle loves you all.”

The warning comes as the EFCC intensifies investigations into the collapse of CryptoBank Exchange (CBEX), a digital investment platform that allegedly defrauded investors of billions of naira. The platform reportedly crashed on April 14, leaving many Nigerians posting emotional videos on social media about their lost life savings.

In response, the EFCC on Friday declared eight individuals wanted over the scandal. This followed a Federal High Court ruling in Abuja, where Justice Emeka Nwite granted the agency’s application to arrest and detain the promoters pending the conclusion of investigations.

The EFCC disclosed that ST Technologies, the company behind CBEX, was duly registered with the Corporate Affairs Commission but lacked the required approval from the Securities and Exchange Commission to operate as an investment platform.

Investigators also revealed that the suspects had abandoned their known addresses in Lagos and Ogun states, prompting the agency to issue a red alert for their apprehension.

Read Also: Alleged N1.3tr CBEX fraud: EFCC declares eight suspects wanted

The Nation reports that the Commission’s spokesperson, Dele Oyewale during an interview on National TV, following the platform’s reported crash, urged Nigerians to exercise greater caution before entrusting their money to online investment platforms.

“We know that for every business concern, you declare your profit either quarterly, annually, or bi-annually,” Oyewale explained. 

“But if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.”

He added, “If somebody says, ‘Bring your money, and we’re going to give you a 100 per cent return on investment,’ that is not possible.”

• You can count on our support -NUJ Chair

The Acting Zonal Director, Economic and Financial Crimes Commission (EFCC), Kaduna Zonal Directorate, Bawa Usman Kaltungo has disclosed that visa racketeering, cybercrimes and illegal mining are becoming alarming in Kaduna State, and appealed to journalists to enlighten the general public on the danger of engaging in such crimes and other crimes.

Kaltungo made the disclosure on Friday when he, along with his management team, paid a courtesy call on the executive of the Kaduna State Council of the Nigeria Union of Journalists (NUJ).

Kaltungo, who was newly posted to the Zonal Directorate, expressed gratitude to the NUJ members for the support and cooperation given to the Commission over the years, and pleaded that the support should be sustained for the good of the society.

This was as the NUJ chairman, Abdulgafar Alabelewe, assured the EFCC Director of the Union’s support to educate the society to keep off financial crimes and criminality at all times.

The EFCC Director called on journalists in the State to always feel free to balance their stories from the Commission to avoid damaging the image and reputation of the Commission.

“It is part of our routine that whenever a new Zonal Director is appointed, we come on a courtesy visit to our strategic partners, of which NUJ is one of them. It is a thank you visit and to ask for more support like Oliver Twist. The collaboration that exists between NUJ and EFCC cannot be separated.

“You are going to look out for a renewed vigour in the fight against corruption, and this issue of cybercrimes that our youths are indulging in, which is becoming alarming. So the Commission is devising a new strategy to nip it in the bud.

Read Also: Humble yourself, Wike tells Fubara

“We don’t want it to spread. If youths who are the leaders of tomorrow are today engaged in corruption, does it mean that corrupt people will be in positions of leadership tomorrow? It means that there will be no development and progress. It is now incumbent on us to nib it in the bud.

“Another trend that we discovered in Kaduna that is alarming is the issue of visa racketeering, more especially during lesser Hajj and during pilgrimage – what we call Baban Sallah. You find out that a lot of people have been duped of their hard-earned money in the name of visa by traveling agents, in the name of international passport and stuff like that. It is alarming in Kaduna State. And to worsen it, even married women are involved.

“So we want to use this opportunity to appeal to couples to advise their fellow couples to desist from such acts because it is not our wish to go and arrest married women but if she gets herself involved, definitely the law does not say that married men or women have immunity, we will go after them.

So we want to call on the people of Kaduna State and Niger State to make sure that people are not involved in anything that will attract us to them.”

He also cited the issue of illegal mining, which he said is terrorism and banditry.

“Everybody wants to go into illegal mining. But you cannot go into mining without appropriate documents from appropriate authorities. Mining is exclusive preserve of the federal government. So for any company and for any individual to go into mining they must obtain license from the federal ministry of mining. You cannot go on your own and start doing mining.”

Assuring the Acting director of the Union’s support, Alabelewe said “I want to assure you that we will continue with this good working relationship with the Commission. I want to assure you that NUJ doors are open and anytime you need our services we are willing to render our services. “