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Tag: EFCC

  • Alleged fraud:EFCC files amended charge against Kalu

    Alleged fraud:EFCC files amended charge against Kalu

    The Economic and Financial Crimes Commission (EFCC) on Monday at the Federal High Court, Abuja, filed a 32-count amended charge against a former governor of Abia State, Orji Kalu, on alleged money laundering.

    The EFCC had in 2007 filed a 96- count charge against the ex-governor, his company, Slok Nigeria Limited, and Jones Udeogo.

    Kalu and his co-defendants were accused of diverting the state’s fund while he was governor of Abia between 1999 and 2007.

    The News Agency of Nigeria (NAN) however reports that the defendants’ re-arraignments were stalled following a pending appeal involving the 3rd defendant, Slok Nigeria Limited, at the Supreme Court.

    Counsel to the third accused, Chief Solomon Akuma (SAN), drew the court’s attention to the subsisting appeal at the apex court.

    He therefore urged the court to adjourn the proceedings to allow parties sort out the appeal.

    On his part, the prosecuting counsel, Mr. Oluwaleke Atolagbe, opposed the application.

    He said Section 306 of the Administration of Criminal Justice Act (ACJA) 2015, prohibited stay of proceedings in a criminal matter at the trial court on account of a pending appeal.

    Atolagbe argued further that the appeal in question was similar to the two previous appeals involving Kalu and Udoego, which the Supreme Court decided on March 18.

     

  • ‎EFCC arraigns woman for alleged fraud

    The Economic and Financial Crimes Commission (EFCC) on Monday arraigned a woman, Bisi Olagunju, in an Oyo State High court for allegedly defrauding a contractor of N9 million.

    Olagunju was arraigned before Justice Muktar Abimbola.

    She was arraigned on a three-count charge of obtaining money by false pretense.

    The suspect, according to the prosecution, allegedly claimed to be Special Adviser to the Chairman of Urban and Rural Development Committee in the House of Representatives.

    She also received N9 million in tranches from a contractor, Abiodun Julius, with a promise to facilitate a contract for him at the National Assembly and help secure job for the victim’s younger brother with the Nigerian Security and Civil Defence Corps (NSCDC).

    She was arrested after a petition by Julius.

    The charge reads: “That you Bisi Lillian Olagunju sometime in November 2015 at Ibadan within the Ibadan Judicial Division with intent to defraud obtained the sum of N5m from one Abiodun Julius under the false pretense that money represented part payment to secure a contract for the supply of computers to the National Assembly of the Federal Republic of Nigeria and which pretence you knew was false.”

    Olagunju, however, pleaded ‘not guilty’ to the charges.

    She was granted bail by Justice Abimbola in the sum of N10 million and two sureties in like sum.

    The sureties must be residents within the jurisdiction where the financial crime was committed and must have sufficient evidence of ownership of properties to be verified by the EFCC.

     

  • EFCC’s arrest: An act of God to test my faith, says Shekarau

    EFCC’s arrest: An act of God to test my faith, says Shekarau

    The former Minister of Education, Malam Ibrahim Shekarau, has said that his arrest and detention by the Economic and Financial Crimes Commission (EFCC) has no political undertone.

    Shekarau, who was also a former Governor of Kano State, made the remark while addressing a news conference in Kano on Sunday.

    He said “what happened to me could happen to anybody and it was only Godly for me to accept my fate, good or bad.”

    He, however, insisted that he was ready to spend the next 10 years in the Commission’s custody to prove his innocence.

    “I am not suspecting any political undertone in my arrest but rather regard it as an act of God to test my faith.

    “I was told that one of the beneficiaries of the N950 million in question implicated me; that I was given N25 million as my share of the money but could not state where, how and when.”

    Shekarau, who thanked Kano people and other Nigerians for standing by him, said he was not suspecting anybody behind his ordeal.

    It would be recalled that the former minister was arrested by EFCC on Thursday over alleged sharing of N950 million campaign funds in his house at Mundubawa in Kano metropolis.

    He was alleged to have collected N25 million as his own share of the money and consequently quizzed by the Commission for interrogation.

  • EFCC grills Enugu governor’s adviser over N200m fraud

    EFCC grills Enugu governor’s adviser over N200m fraud

    The Economic and Fnancial Crimes Commission (EFCC) has quizzed a Senior Special Adviser to Enugu State Government on Special Duties, Pastor Sam Ifeanyi Iyiogwe, for alleged embezzlement of over N200million.

    The cash was allegedly laundered when was the chairman of the Nkanu East Local Government Area, Enugu State.

    The height of the sleaze was the alleged payment of N1.5million monthly to his wife without legislative approval.

    Also, the cashier of the council, Mrs. Felicia Okeke, withdrew N80million from the council account with UBA and deposited same into the UBA bank account of the suspect while in office.

    According to a top source in the commission, the invitation of the Special Adviser followed a petition on how he allegedly mismanaged funds while in office.

    Some of the allegations are as follows:

    • Diversion of funds meant for the development of the local government into a  personal account,
    • Spending funds without approval from the Nkanu East Local Government Area Legislative Council,
    • Non-execution of up to 30% capital project captured under 2012 – 2015 for which billions of naira were appropriated,
    • Withholding of workers’ salaries for several months, including leave allowances which were never paid for four years,
    • Refurbishment of the LGA bus with N5, 000,000(five million naira) and lavishing N5, 000,000 (Five Million Naira) of bribe to some council members to cover up some of his corrupt practices,
    • Operation of a domiciliary account with $30,000.

    The source added: “Iyiogwe, who is said to be a pastor, was alleged to have been paying his wife N1.5m monthly without legislative approval. He allegedly diverted public funds for the construction of a shopping plaza at the Ogui Road Junction; an estate near Mbaukwu Street, Enugu; a multi-million naira mansion in his village at Ubaha; a filling station at Agbani; fleet of cars for transport services being managed by his wife in Port Harcourt, Rivers State.

    “He was said to have used some of his special advisers to divert N20million for road repairs that was never carried out, while awarding another road contract for N100million that was never constructed, among other alleged infractions.

    “Investigations into the allegations contained in the petition confirmed that the cashier of the council, Mrs. Felicia Okeke, withdrew N80million from the council account with UBA and deposited same into the UBA bank account of the suspect while in office.”

    The source added that the Head of Works of the local government, Mr. Nnamdi Okonkwo, admitted during interrogation that he was used by the suspect to “steal and launder various sums of money.”

    “Okonkwo admitted that the suspect, Pastor Sam Iyiogwe Ifeanyi, actually asked him to forge the various receipts used for the retirement of the looted funds, while a certain Evangelist Felix Okoye forged the receipts of Enugu State Broadcasting Service, ESBS, Radio Nigeria and Nigerian Television Authority NTA, used in carrying out some fund retirement for purported Public Relations.”

    The EFCC said investigation was still ongoing as at press time.

    More arrests might be made with all the suspects likely to be arraigned for trial.

  • First Bank admits EFCC investigation over ‘Diezani funds’

    First Bank admits EFCC investigation over ‘Diezani funds’

    The Economic and Financial Crimes Commission (EFCC) is investigating possible lodgement and distribution of the slush political funds distributed by the former Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, in First Bank of Nigeria.

    FBN Holdings Plc, the parent and holding company for First Bank of Nigeria and its former subsidiaries, at the weekend confirmed that the EFCC is investigating the bank because of alleged connections to Diezani’s funds.

    In a regulatory filing at the Nigerian Stock Exchange (NSE) yesterday, the company stated that EFCC has invited an executive director of First Bank, Mr. Dauda Lawal in connection with the Diezani’s funds and he has been cooperating fully with the anti-corruption agency.

    EFCC had two weeks ago also visited Access Bank and Sterling Bank in what appeared to be an industry-wide investigation of the use of the banking system to launder and distribute slush political funds. EFCC had earlier arrested the managing director of Fidelity Bank in connection with the ‘Diezani’s funds’.

    Both Access Bank and Sterling Bank had clarified that the visits by the EFCC were not connected to the Diezani’s slush political funds or the alleged diversion of arm funds linked to the former National Security Adviser, Col Sambo Dasuki (rtd), otherwise known as Dasukigate.

    In a statement to the NSE, Sterling Bank had affirmed that it did not hold account for “the public officer from the previous administration to which this matter (EFCC’s visit to the bank) has been linked either officially or otherwise”.

    Sterling Bank explained that while the reason for the visit by the EFCCwas not immediately clear, it has now been confirmed that the investigation is related to the banking relationship of a non-bank financial institution that is a client of Sterling Bank Plc.

    “We affirm for the public records that the bank does not hold the account of the public officer from the previous administration to which this matter has been linked either officially or otherwise; the non-bank financial institution (Asset Management Company) in question purchased a number of loans on a recourse basis from Sterling Bank Plc on commercially acceptable terms and this is the link of the concern raised by the EFCC to Sterling Bank Plc,” Sterling Bank stated.

  • How NAMA was looted, by EFCC’s witness

    The Federal High Court in Lagos yesterday heard how Nigeria Airspace Management Agency’s (NAMA’s) Managing Director/Chief Executive Ibrahim Abdulsalam and others allegedly stole N6.8 billion.

    The Economic and Financial Crimes Commission (EFCC) charged Abdulsalam and Nnamdi Udoh (at large), Adegorite Olumuyiwa, Agbolade Segun, Clara Aliche, Joy Ayodele Adegorite, Randville Invesment Ltd and Multeng Travels and Tours Ltd on a 21-count.

    EFCC said on August 19, 2013, the defendants, with intent to defraud, conspired to induce NAMA to deliver N2,847,523,975.00 to Delosa Ltd, Air Sea Delivery Ltd and Sea Schedules Systems Ltd under the pretence that the money represented the cost of clearing NAMA’s consignments.

    A prosecution witness, Stanbic IBTC Bank’s Compliance Officer, Babatunde Adenekan, said NAMA’s funds were paid into Delosa’s account and distributed to others between 2013 and last year.

    He said last February 12, the defendants allegedly transferred N10 million to Paperhouse Limited, as well as N8.6 million to Gabson Bureau de Change last March 7.

    Adenekan said N10 million and N6.4 million were transferred to Paperhouse last March 7. NAMA’s funds, he said, were moved to Delosa’s account, and later transferred to Randville.

    He added: “On October 16, 2014, N38.8 million came into Delosa’s account. That same day, N9 million in four places was transferred into Randville account. That same day, N2.3 million was also paid into Randville account.

    “On November 11, 2014, N98.2 million came into Delosa’s account. On that day, N9 million in three places was transferred to Randville. Another N3million was transferred to Randville the same day,  while N7.8 million was transferred to Multeng and Tours Limited.

    “On December 3, 2014, N88.9 million came in. The same day, N9 million in four places was transferred to Randville and another N2.5 million transferred to Randville.

    “On December 7, 2014, N37.5 million came into Delosa’s account from the Central Bank of Nigeria (CBN). On the December 18, N10 million in three places was transferred to Randville Investment Limited and another N7million on the same day”, he stated.

    He said Randville had 10 fixed deposit accounts and one current account. The signatories, he said, were  Agbolade Segun (third accused) and his wife, Agbolade Susan.

    According to him, N3.1 million was also transferred to Segun’s personal account on January 2, 2013, adding that Bola Akinribido and Sesebor Abiodun also benefited from the cash distribution.

    Justice Babs Kuewunmi adjourned till May 30.

  • How NAMA was looted, by EFCC’s witness

    How NAMA was looted, by EFCC’s witness

    The Federal High Court in Lagos Thursday heard how Nigerian Airspace Management Agency (NAMA) Managing Director/Chief Executive Ibrahim Abdulsalam and others allegedly stole N6.8billion.

    The Economic and Financial Crimes Commission (EFCC) charged him and Nnamdi Udoh (still at large), Adegorite Olumuyiwa, Agbolade Segun, Clara Aliche, Joy Ayodele Adegorite, Randville Invesment Ltd and Multeng Travels and Tours Ltd on a 21-count charge.

    EFCC said on August 19, 2013, the defendants, with intent to defraud, conspired amongst themselves to induce NAMA to deliver the sum of N2,847,523,975.00 to Delosa Ltd, Air Sea Delivery Ltd and Sea Schedules Systems Ltd under the pretense that the money represented the cost of clearing NAMA’s consignments.

    A prosecution witness, Stanbic IBTC Bank’s Compliance Officer, Babatunde Adenekan, said NAMA funds were paid into Delosa’s account and distributed to others between 2013 and last year.

    He said last February 12, the defendants allegedly transferred N10million to Paperhouse Limited, as well as N8.6million to Gabson Bureau de Change last March 7.

    Adenekan said N10million and N6.4million were transferred to Paperhouse last March 7.NAMA’s funds, he said, were moved to Delosa’s account from where they were transferred to Randville.

    He added: “On October 16, 2014, N38.8million came into Delosa account. That same day, N9million in four places were transferred into Randville account. That same day, N2.3million was also paid into Randville account.

    “On November 11, 2014, N98.2million came into Delosa account. On that day, N9million in three places were transferred to Randville. Another N3million was transferred to Randville the same day,  while N7.8million was transferred to Multeng and Tours Limited.

    “On December 3, 2014, N88.9million came in. The same day, N9million in four places were transferred to Randville and another N2.5million was transferred to Randville.

    “On December 7, 2014, N37.5million came into Delosa account from Central Bank of Nigeria (CBN). On the 18th, N10million in three places were transferred to Randville Investment Limited and later another N7million on the same day”, he stated.

    He said Randville has 10 fixed deposit accounts and one current account. The signatories, he said, were Agbolade Segun (third accused) and his wife, Agbolade Susan.

    According to him, N3.1 million was also transferred to Segun’s personal account on January 2, 2013, adding that Bola Akinribido and Sesebor Abiodun also benefited from the cash distribution.

    Justice Babs Kuewunmi adjourned till May 30.

     

  • PDP crisis: Sheriff threatens to drag Gana before EFCC

    PDP crisis: Sheriff threatens to drag Gana before EFCC

    The leadership crisis rocking the Peoples Democratic Party (PDP) took a new twist on Thursday with the party’s National Chairman, Alhaji Ali Modu Sheriff threatening to drag a former Information Minister, Prof. Jerry Gana before the Economic and Financial Crimes Commission (EFCC).

    Sheriff alleged that Gana unilaterally took a N500 million loan from a second generation bank on behalf of the PDP, without getting approval from the leadership of the party. The party chairman however did not state the time Gana allegedly obtained the said loan.

    Addressing newsmen at the party’s national secretariat in Abuja on Thursday, the Media Adviser to the party chairman, Mr. Inuwa Bwala who spoke on behalf of his principal, said Gana lacked the credibility to criticise Sheriff.

    Speaking at a stakeholder’s forum held earlier in the day, Gana, in apparent reference to Sheriff, said the PDP had been hijacked by hoodlums and gangsters who are bent on destroying the party.

    He accused the Sheriff-led National Working Committee (NWC) of impunity and reckless imposition of candidates in the just concluded ward and state congresses across the federation.

    Gana said, “To save the PDP from imminent collapse, we need excellent and competent leaders to run the party; not incompetent persons without dignity of purpose parading themselves as leaders.

    “The Southern part of the country should produce the next national chairman because the North had produced seven national chairmen since the birth of the PDP in 1998.

    “The Southwest geopolitical zone has never produced the national chairman in the 16 years of the existence of the PDP”.

    Gana, leading other prominent members of the party, also described the planned amendment to the PDP constitution, championed by Sheriff as illegal and insisted that the national convention slated for May 21 be put on hold.

    But Sheriff vowed to go ahead with the amendment of the constitution and national convention.

    Said he, “The national convention will certainly hold in Port Harcourt on May 21 if the world does not end before that date.

    “The group headed by Prof. Gana and similar others are not known to the party. They should take their grievances to the convention if they have any. If they choose to leave the PDP, it would be good riddance.

    “It would be foolhardy for the PDP chairman to involve the same people who led the PDP to failure in the 2015 general elections in rebuilding the party. These are the same people that played ignoble roles in squandering the resources of the party.

    “Let it be known to Prof. Gana and members of his group that they don’t have the monopoly of mudslinging. If we are forced to open up on them, we will not hesitate to do so.

    Sheriff also accused Gana and members of his group of having approached him for one favour or the other, only to turn around to attack the chairman when they failed to have their way.

    In a communique issued at the end of the Gana-led stakeholders forum, the group announced a 21-member steering committee to run the affairs of the party and work with the Board of Trustees to conduct the national convention.

    The communique also said, “We enjoin all our party faithful not to despair. The new steering committee will soon embark on a nationwide tour, to address and resolve all issues and areas of conflict in every state of the federation.

    “We call on the governors elected under the PDP, who are our leading beacons of light, our able senators, House of Representatives and state Assembly members to take up the gauntlet and support this noble cause.

    “We need to come together as a family, to fight the cancer of impunity that has eaten deep into the tissues of our party”.

    The communique was jointly signed by a former Education Minister, Prof. Tunde Adeniran; a former Deputy Senate President, Alhaji Ibrahim Mantu; and Chief Raymond Dokpesi.

    Those that attended the meeting included Chief Ojo Maduekwe, Okwesilieze Nwodo, Chief Bode George, Wilberforce Juta, Dr. Shettima Mustapha, Senator Bala Mohammed, Ibrahim Bunu, Senator Grace Bent, Adamu Maina Waziri among others.

  • Banks explain role in EFCC probe

    Banks explain role in EFCC probe

    Sterling Bank and Access Bank have notified the Nigerian Stock Exchange (NSE) about their operations concerning the ongoing probe by the Economic and Financial Crimes Commission (EFCC).

    The banks on Tuesday issued separate statements to the NSE about investigations into their roles by the anti-graft agency.

    These  statements were posted on the NSE’s  website.

    Sterling Bank in its statement explained that officials of EFCC visited the bank on Wednesday May 4, 2016 to investigate a banking relationship of a non-bank financial institution.

    It said it never held the account of the customer during the previous administration to which the matter had been linked either officially or otherwise.

    The bank also stated that the non-bank financial institution (Asset Management Company) purchased a number of loans on recourse basis from it on commercially acceptable terms.

    The statement said the transactions were the concerns raised by the EFCC to Sterling Bank.

    The bank said: “Arising from this incident, the bank has commissioned a review of the compliance procedures of its non–bank financial institution clients with the aim of strengthening this area of our operations.

    “In the interim, the bank will not accept any new non-bank financial institution relationships.

    “We thank our numerous partners for their support and assure you that the bank remains a compliant institution that continues to conduct its business within the ambit of the law.”

    On its part, Access Bank said the EFCC officials visited the bank on May 6, 2016 to investigate a specific transaction involving a customer of the bank in the normal course of business.

    The visit, according to the bank, came without any form of earlier notification or invitation to the bank.

    The bank said the officials informed the bank that they were investigating some transactions and sought the bank’s cooperation.

    The officials, according to the bank, met with the Group Managing Director and the Bank’s Chief Compliance Officer who provided the needed information and documents.

    “Thereafter, the Group Managing Director was requested to accompany them to their office to further their investigation, which he willingly acceded to.

    “Following the resolution of the underlying issues, he was allowed to leave the commission’s office on the same day.

    “We have observed the wide-ranging speculations in the media connecting the visits of the commission to various personalities.

    “We would like to state emphatically for the benefit of our stakeholders that the bank has absolutely no link, interaction or relationship whatsoever with any of the personalities stated in the media reports.

    “As a bank, we shall continue to operate in line with the highest level of professionalism, consistently seeking best practices, and hereby wish to re-assure our esteemed stakeholders that the bank remains committed to its strategic goals and objectives,” it said.

  • Banking stocks sustain rally over clarity on EFCC probes

    For the second consecutive trading session, banking stocks bucked the negative overall market position at the Nigerian Stock Exchange (NSE) to close on the positive as many banks affirmed compliance with operational rules and dissociated themselves from slush political dealings.

    Amidst the sustained decline in the overall market position at the NSE in the past two trading sessions, the NSE Banking Index-which tracks the banking sector, sustained modest uptrend on the back of gains by many banks. The NSE Banking Index rose yesterday by 0.58 per cent, almost on the same level with the day-on-day gain of 0.6 per cent recorded on Tuesday.

    The All Share Index (ASI)-the value-based index that tracks prices of all quoted equities and serves as benchmark index for the Nigerian stock market, conversely dropped by 0.06 per cent yesterday, extending the downtrend that saw a decline of 0.70 per cent on Tuesday.

    The sustained rally in the banking sector came on the heels of clarifications by Sterling Bank and Access Bank that last week’s investigative visits by the Economic and Financial Crimes Commission (EFCC) were not in connection with any slush political dealings but were on normal banking transactions involving non-political clients.

    Sterling Bank’s share price remained steady on Wednesday after it rallied by 4.91 per cent on Tuesday, the eighth highest percentage gain within the five-hour trading session. Sterling Bank had filed a regulatory statement at the Exchange clarifying the recent issue involving the bank and EFCC.

    In the statement, Sterling Bank affirmed that it did not hold account for “the public officer from the previous administration to which this matter (EFCC visit to the bank) has been linked either officially or otherwise”.

    Some reports had linked last week investigative visit by the EFCC to the bank to the slush political dealings involving former Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, generally known as Diezanigate. EFCC has also been investigating diversion of arms funds, otherwise known as Dasukigate, named after the former National Security Adviser, Col. Sambo Dasuki (rtd).

    Sterling Bank explained that while the reason for the visit by the EFCC was not immediately clear, it has now been confirmed that the investigation is related to the banking relationship of a non-bank financial institution that is a client of Sterling Bank Plc.

    “We affirm for the public records that the bank does not hold the account of the public officer from the previous administration to which this matter has been linked either officially or otherwise; the non-bank financial institution (asset management company) in question purchased a number of loans on a recourse basis from Sterling Bank Plc on commercially acceptable terms and this is the link of the concern raised by the EFCC to Sterling Bank Plc,” Sterling Bank stated.

    Sterling Bank assured the investing public that it has commissioned a review of the compliance procedures of its non–bank financial institution clients with the aim of strengthening this area of its operations while in the interim, the bank will not accept any new non-bank financial institution relationships.

    In a related statement, Access Bank also clarified that the EFCC visited the bank as part of ongoing investigation into a specific transaction involving a customer of the bank in the normal course of business.

    Access Bank noted that while the visit came without any form of notification or invitation, it fully cooperated with the officials of the EFCC.

    “We have observed the wide ranging speculations in the media connecting the visits of the Commission to various personalities. We would like to state emphatically for the benefit of our stakeholders that the bank has absolutely no link, interaction or relationship whatsoever with any of the personalities stated in the media reports,” Access Bank stated.

    The overall market position again closed negative yesterday. The ASI declined from 25,646.56 points to close at 25,630.52 points. Aggregate market capitalisation of all quoted equities also dropped marginally from N8.822 trillion to close at N8.820 trillion.

    However, the underlying sentiments at the stock market were largely positive with 31 gainers to 20 losers. The negative overall market position was driven largely by losses recorded by highly capitalised stocks such as Dangote Cement, Dangote Sugar Refinery, Flour Mills of Nigeria, Lafarge Africa and Ecobank Transnational Incorporated.